Daily Pivots: (S1) 1.1804; (P) 1.1854; (R1) 1.1916; More…..
EUR/USD’s breach of 1.1908 suggests resumption of recent rise from 1.0635. Intraday bias is back on the upside for 161.8% projection of 1.0774 to 1.1422 from 1.1255 at 1.2303. Nevertheless, on the downside, break of 1.1695 support will now indicate short term topping and bring deeper correction lower.
In the bigger picture, the strong break of 1.1496 resistance now suggests that whole down trend from 1.2555 (2018 high) has completed at 1.0635 already. Rise from 1.0635 should be the third leg of the pattern from 1.0339 (2017 low). Further rise should be seen to cluster resistance at 1.2555 next, (38.2% retracement of 1.6039 to 1.0339 at 1.2516 ). This will remain the favored case as long as 1.1422 resistance turned support holds.
