Daily Pivots: (S1) 1.1721; (P) 1.1746; (R1) 1.1772; More…..
EUR/USD’s decline today should confirm completion of recovery from 1.1612 at 1.1830. Intraday bias is back on the downside, for 1.1612 support. Break will resume corrective fall from 1.2011, for 38.2% retracement of 1.0635 to 1.2011 at 1.1485. On the upside, break of 1.1771 minor resistance will mix up the near term outlook again and turn bias neutral again.
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.
