Daily Pivots: (S1) 1.2257; (P) 1.2351 (R1) 1.2406; More….
EUR/USD dropped sharply from 1.2445 but it’s staying above 1.2268 minor support so far. Intraday bias remains neutral first. On the downside, break of 1.2268 will argue that fall from 1.2555 is likely resuming. And intraday bias will be turned back to the downside for 1.2154 support and below. ON the upside, above 1.24455 will turn bias to the upside for retesting 1.2555 key resistance.
In the bigger picture, key fibonacci level at 38.2% retracement of 1.6039 (2008 high) to 1.0339 (2017 low) at 1.2516 remains intact despite attempts to break. Hence, rise from 1.0339 medium term bottom is still seen as a corrective move for the moment. Rejection from 1.2516 will maintain long term bearish outlook and keep the case for retesting 1.0039 alive. Firm break of 1.1553 support will add more medium term bearishness. However, sustained break of 1.2516 will carry larger bullish implication and target 61.8% retracement of 1.6039 to 1.0339 at 1.3862.