Daily Pivots: (S1) 1.1953; (P) 1.2006 (R1) 1.2084; More….
EUR/USD’s firm break of 1.2091 resistance today indicates resumption of medium term rise from 1.0339. Intraday bias is back on the upside. Current rise should target 1.2494/2516 key resistance zone next. On the downside, break of 1.1915 support is needed to confirm short term topping. Otherwise, outlook will remain bullish in case of retreat.
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.
