Daily Pivots: (S1) 1.4396; (P) 1.4457 (R1) 1.4538; More.
Even though EUR/USD is losing some upside momentum, intraday bias will remain on the upside with 1.4377 minor support intact and current rally is still expected to extend further towards 61.8% projection of 1.2873 to 1.386 from 1.3427 at 1.5024, which is close to 1.5 psychological level. Break of 1.4377 will indicate that a short term top is formed and bring consolidations. But downside is expected to be contained by 1.4247 resistance turned support and bring another rise.
In the bigger picture, the break of 1.4281 resistance firstly confirms that whole medium term rebound from 1.1875 has resumed. Further rise should now be seen towards 100% projection of 1.1875 to 1.418 from 1.2873 at 1.5279. Also, note that current development also affirms the case that medium term correction 1.6039 was completed with three waves down to 1.1875 and the long term up trend might be resuming. Decisive break of 1.5279 projection target will indicate that rise from 1.1875 is developing into an impulsive wave that should take out 1.6039 high eventually. On the downside, break of 1.3860 support is needed to invalidate this view. Otherwise, outlook will remain bullish
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