Daily Pivots: (S1) 1.1694; (P) 1.1729; (R1) 1.1795; More….
Intraday bias in EUR/USD remains on the upside for 61.8% retracement of 1.2081 to 1.1408 at 1.1824. Decisive break there will extend the rally from 1.1408 to retest 1.2081 high. For now, further rally will remain in favor as long as 1.1662 support holds, in case of retreat.
In the bigger picture, the strong support from 38.2% retracement of 1.0176 to 1.2081 at 1.1353 suggests that the pullback from 1.2081 is more likely a corrective move. Strong support was also found in 55 W EMA (now at 1.1513). Focus is back on 1.2 key cluster resistance level. Decisive break there will carry long term bullish implications. Nevertheless, break of 1.1408 support will revive the case of medium term bearish trend reversal.
