Daily Pivots: (S1) 1.1658; (P) 1.1699; (R1) 1.1761; More…..
EUR/USD rebounded strongly to 1.1771, but was kept well below 1.1880 resistance. Breach of 1.1622 suggests that fall from 1.2011 is resuming. Intraday bias is back on the downside for 38.2% retracement of 1.0635 to 1.2011 at 1.1485. On the upside, however, break of 1.1771 resistance will now be the first sign that correction from 1.2011 has completed. Intraday bias will be turned back to the upside for 1.1880 for confirmation.
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.
