Daily Pivots: (S1) 1.1521; (P) 1.1589 (R1) 1.1699; More…
Intraday bias in EUR/USD remains on the upside for the moment. Sustained trading above 1.1615 key resistance will extend the medium term rise to 1.2 handle next. On the downside, break of 1.1478 support is needed to indicate short term topping. Otherwise, outlook will remain bullish in case of retreat.
In the bigger picture, the firm break of 1.1298 resistance further affirm medium term reversal. That is, an important bottom was formed at 1.0339 on bullish convergence condition in weekly MACD. Further rise would be seen to 55 month EMA (now at 1.1756). Sustained break there will pave the way to 38.2% retracement of 1.6039 (2008 high) to 1.0339 (2017 low) at 1.2516 next. This will now remain the favored case as long as 1.1118 support holds.
