Daily Pivots: (S1) 1.1772; (P) 1.1844; (R1) 1.1888; More…..

EUR/USD is staying in consolidation from 1.2011 and intraday bias remains neutral for the moment. With 1.1762 support intact, further rise is expected. Firm break of 1.2011 will resume the rally from 1.0635 towards 1.2555 key level. Nevertheless, sustained break of 1.1762 should confirm short term topping and turn bias to the downside for 38.2% retracement of 1.0635 to 1.2011 at 1.1485.

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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.

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