Daily Pivots: (S1) 1.1739; (P) 1.1786; (R1) 1.1826; More…..
EUR/USD’s break of 1.1791 minor support dampens the bullish case. Instead, it suggests that consolidation pattern from 1.2011 high might be resuming. Intraday bias is mildly on the downside for 1.1602 support. Nevertheless, break of 1.1920 will resume the rise from1 .1602 for resting 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.
