Daily Pivots: (S1) 1.1799; (P) 1.1824; (R1) 1.1867; More…..
EUR/USD rises mildly today but stays below 1.1916 resistance. Intraday bias remains neutral first. As long as 1.1711 support holds, further rise is in favor. On the upside, break of 1.1916 will resume larger rise from 1.0635. Next near term target will be 61.8% projection of 1.1255 to 1.1916 from 1.1711 at 1.2119. On the downside, though, break of 1.1711 should short term topping. Intraday bias will be turned back to the downside towards 55 day EMA (now at 1.1494).
In the bigger picture, down trend from 1.2555 (2018 high) has completed at 1.0635 already. Rise form 1.0635 is seen as the third leg of the pattern from 1.0339 (2017 low). Further rally 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.
