Daily pivots: (S1) 1.1740; (F) 1.1764; (R1) 1.1806; more….
EUR/USD range trading continues and intraday bias remains neutral. Further rise is expected with support at 1.1642 remaining intact. On the upside, a strong break of 1.1848 will target the next high at 1.2081. However, a strong break of the support at 1.1662 will indicate that the bounce from 1.1408 is complete, and will bring a deeper decline towards this bottom instead.
In the bigger picture, strong support from the 38.2% retracement level from 1.0176 to 1.2081 at 1.1353 suggests that a pullback from 1.2081 is likely a corrective move. Strong support was also found at the 55 W EMA (now at 1.1539). Focus is back on the key cluster resistance level 1.2. A decisive breakout there would have long-term bullish implications. However, breaking the support 1.1408 will revive the bearish trend reversal in the medium term.
