Daily Pivots: (S1) 1.2171; (P) 1.2203; (R1) 1.2254; More….
A temporary top is in place at 1.2244 and intraday bias is turned neutral first. Further rise is expected as long as 1.2050 support holds. Break of 1.2244 will target a test on 1.2348 high. Decisive break there should confirm resumption of up trend from 1.0635. Next target is 1.2555 key long term resistance zone. However, break of 1.2050 will delay the bullish case. Intraday bias will be turned back to the downside to extend the consolidation pattern from 1.2348 with another falling leg.
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. Reaction from 1.2555 should reveal underlying long term momentum in the pair.
