Daily Pivots: (S1) 1.1872; (P) 1.1942; (R1) 1.1981; More…..
A temporary top was formed at 1.2011 as EUR/USD quickly retreated from there, back into prior established range. Intraday bias is turned neutral first. Near term outlook will stay bullish as long as 1.1762 support holds. Break of 1.2011 will resume the whole rise from 1.0635. However, firm break of 1.1762 will confirm short term topping and turn bias to the downside for deeper pull back.
In the bigger picture, down trend from 1.2555 (2018 high) has completed at 1.0635 already. Rise from 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.
