Daily Pivots: (S1) 1.2125; (P) 1.2149; (R1) 1.2194; More…
Intraday bias in EUR/USD remains on the upside at this point. Rebound form 1.2052 short term bottom should target a test on 1.2348 high. However, decisive break of 1.2052 will resume the correction from 1.2348. Intraday bias will be turned to the downside for 61.8% retracement of 1.1602 to 1.2348 at 1.1887.
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. We’d be alerted to topping sign around 1.2516/55. But sustained break there will carry long term bullish implications.
