Daily Pivots: (S1) 1.1798; (P) 1.1833; (R1) 1.1853; More…..
EUR/USD recovered after hitting 4 hour 55 EMA but stays below 1.1880 temporary top. Intraday bias remains neutral first. Further rise is expected as long as 1.1688 support holds. Break of 1.1880 will target a test on 1.2011 high. Nevertheless, break of 1.1688 will likely resume the correction from 1.2011, and turn bias to the downside for 1.1612 and below.
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.
