Daily Pivots: (S1) 1.1953; (P) 1.2006 (R1) 1.2084; More….
EUR/USD’s rebound from 1.1915 extends higher but it’s still limited below 1.2091 key resistance. Intraday bias remains neutral at this point. Again, decisive break of 1.2091 key resistance is needed to confirm up trend resumption. Otherwise, more corrective trading should be seen with risk of another fall. Below 1.1915 will turn bias to the downside for 38.2% retracement of 1.1553 to 1.2088 at 1.1884. Break will target 61.8% retracement at 1.1757 and below. Nonetheless, firm break of 1.2091 will resume whole medium term rise from 1.0339 towards 1.2516 long term fibonacci level.
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.