Daily Pivots

Daily Pivots: (S1) 1.4550; (P) 1.4640; (R1) 1.4727;

EUR/USD retreats mildly from 1.4728 record high but is still staying above 1.4613 minor support. Intraday bias remains on the upside and further rally is still in favor towards next medium term target of 1.5. However, below 1.4613 will turn intraday outlook consolidative first and probably bring pull back to 4 hours 55 EMA (now at 1.4483) but downside should be contained above 1.4348 resistance turned support and bring another rise.

In the bigger picture, medium term rally from 1.1639 is still in force and is being treated as resumption of long term up trend from 0.8223 (00 low) to 1.3668 (04 high), with subsequent correction ended at 1.1639. Such rise is expected to extend further to 61.8% projection of 0.8223 to 1.3668 from 1.1639 at 1.5004 which will overlap with 1.5 psychological resistance. One the downside, below 1.4348 will indicates that rise from 1.3360 has made a top will turn into lengthier consolidation with further correction into support zone between 1.4014 and 1.4281. But EUR/USD is expected to be supported there and bring rally resumption.