Daily Pivots: (S1) 1.1450; (P) 1.1495; (R1) 1.1567; More…..
EUR/USD’s rally accelerates to as high as 1.1601 so far today and met 61.8% projection of 1.0774 to 1.1422 from 1.1168 at 1.1568. There is no sign of topping yet and intraday bias stays on the upside for 100% projection at 1.1816 next. On the downside, break of 1.1507 minor support will turn intraday bias neutral and bring consolidations, before staging another rally.
In the bigger picture, sustained trading above 1.1496 key resistance will argue that whole down trend from 1.2555 (2018 high) has completed at 1.0635. Rise from 1.0635 would then be seen as the third leg of the pattern from 1.0339. Further medium term rally would be seen to retest 1.2555. This will now be the favored case as long as 1.1168 support holds.
