Daily Pivots: (S1) 1.1575; (P) 1.1608; (R1) 1.1643; More…
EUR/USD’s breach of 1.1630 resistance suggests that rise from 1.0176 is resuming. Intraday bias is back on the upside for 61.8% projection of 1.0176 to 1.1572 from 1.1064 at 1.1927. Outlook will stay bullish as long as 1.1452 support holds, in case of retreat.
In the bigger picture, rise from 0.9534 long term bottom could be correcting the multi-decade downtrend or the start of a long term up trend. In either case, further rise should be seen to 100% projection of 0.9534 to 1.1274 from 1.0176 at 1.1916. This will now remain the favored case as long as 1.1604 support holds.
