Daily Pivots: (S1) 1.1578; (P) 1.1628; (R1) 1.1665; More…
EUR/USD’s rally from 1.1390 resumed by breaking through 1.1698 temporary top. Intraday bias is back on the upside for retesting 11829 high. Firm break there will resume larger up trend to 1.1916 projection level. On the downside, however, break of 1.1589 support will delay the bullish case and extend the corrective pattern from 1.1.829 with another falling leg.
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 remain the favored case as long as 1.1604 support holds.
