Daily Pivots: (S1) 1.2065; (P) 1.2092; (R1) 1.2143; More…..
EUR/USD’s rally is still in progress and intraday bias stays on the upside for 61.8% projection of 1.0635 to 1.2011 from 1.1602 at 1.2452 next. On the downside, break of 1.2040 minor support will turn intraday bias neutral and bring consolidation first, before staging another rally.
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 1.1602 support holds.
