Daily Pivots: (S1) 1.1813; (P) 1.1877; (R1) 1.1912; More….
Focus is now back on 1.1834 support in EUR/USD. Firm break there will resume whole correction from 1.2348. Deeper fall would be seen to 38.2% retracement of 1.0635 to 1.2348 at 1.1694. On the upside, though, break of 1.1989 resistance should confirm short term bottoming and turn bias to the upside for 1.2242 resistance.
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.
