Daily Pivots: (S1) 1.1784; (P) 1.1811; (R1) 1.1826; More…..
EUR/USD is still holding above 1.1688 support despite today’s sharp decline. Intraday bias remains neutral first. On the downside, firm break of 1.1688 will likely extend the corrective pattern from 1.2011 with another leg. Intraday bias will be turned back the downside for 1.1612 and below. On the upside, above 1.1880 will extend the rebound form 1.1612 to retest 1.2011 high.
In the bigger picture, rise from 1.0635 is seen as the third leg of the pattern from 1.0339 (2017 low). Further rally could 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.
