Daily Pivots: (S1) 1.1931; (P) 1.1991 (R1) 1.2028; More….
EUR/USD’s fall from 1.2088 is still in progress and intraday bias remains on the downside for 38.2% retracement of 1.1553 to 1.2088 at 1.1884. Such decline might be the third leg of consolidation pattern from 1.2091. Break of 1.1884 will target 61.8% retracement at 1.1757 and below. On the upside, firm break of 1.2091 is needed to confirm up trend resumption. Otherwise, we’d expect more corrective trading in near term.
In the bigger picture, rise from 1.0339 medium term bottom is still seen as a corrective move for the moment. Therefore, in case of another rally, we’d be expect 38.2% retracement of 1.6039 (2008 high) to 1.0339 (2017 low) at 1.2516 to limit upside and bring reversal. That is also close to 61.8% projection of 1.0569 to 1.2091 from 1.1553 at 1.2494.
