Daily Pivots: (S1) 1.1783; (P) 1.1797; (R1) 1.1810; More…
EUR/USD’s break of 1.1804 resistance should now confirm short term bottoming at 1.1663, on bullish convergence condition in 4 hour MACD. Intraday bias is back on the upside for 1.1907 resistance first. Firm break there will indicate that fall from 1.2265, as well as the consolidation pattern from 1.2348, have completed. Near term outlook will be turned bullish for 1.2265/2348 resistance On the downside, break of 1.1734 minor support will turn focus back to 1.1602/1703 key support zone instead.
In the bigger picture, rise from 1.0635 is seen as the third leg of the pattern from 1.0339 (2017 low). Further rally remains in favors long as 1.1602 support holds, to cluster resistance at 1.2555 next, (38.2% retracement of 1.6039 to 1.0339 at 1.2516). However sustained break of 1.1602 will argue that the rise from 1.0635 is over, and turn medium term outlook bearish again. Deeper fall would be seen to 61.8% retracement of 1.0635 to 1.2348 at 1.1289 and below.
