Daily Pivots: (S1) 1.0483; (P) 1.0552 (R1) 1.0652; More…..
EUR/USD’s rebound from 1.0339 extends today and breach of 1.0652 resistance indicates short term bottoming, on bullish convergence condition in daily MACD. Intraday bias is back on the upside for 1.0872 resistance and possibly above. On the downside, below 1.0453 minor support will turn bias back to the downside for 1.0339 support. Break there will extend the larger down trend towards parity.
In the bigger picture, whole down trend from 1.6039 (2008 high) is in progress. Such down trend is expected to extend to 61.8% projection of 1.3993 to 1.0461 from 1.1298 at 0.9115. On the upside, break of 1.1298 resistance is needed to confirm medium term bottoming. Otherwise, outlook will stay bearish in case of rebound.
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