Daily Pivots: (S1) 1.1601; (P) 1.1643; (R1) 1.1673; More…..
Intraday bias in EUR/USD remains on the downside at this point. Fall from 1.2011 short term top is in progress for 38.2% retracement of 1.0635 to 1.2011 at 1.1485. As it’s seen as a corrective move, strong support should be seen at 1.1485 to contain downside to bring rebound. On the upside, above 1.1760 will turn intraday bias back to the upside for retesting 1.2011 instead. However, sustained break of 1.1485 will pave the way to 61.8% retracement at 1.1161.
In the bigger picture, 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.
