Daily Pivots: (S1) 1.0692; (P) 1.0715 (R1) 1.0747; More….
EUR/USD surges to as high as 1.0918 so far today. Breach of 1.0905 resistance indicates resumption of the choppy rise from 1.0339. And intraday bias is turned to the upside. At this point, such rise from 1.0339 is still seen as a correction. Thus, we’d pay attention to topping signal above 1.0905 and below 1.1298 key resistance. On the downside, below 1.0777 minor support will turn bias to the downside for 1.0569 support first.
In the bigger picture, as long as 1.1298 key resistance holds, whole down trend from 1.6039 (2008 high) is still expected to continue. Break of 1.0339 low will send EUR/USD through parity to 61.8% projection of 1.3993 to 1.0461 from 1.1298 at 0.9115. However, considering bullish convergence condition in weekly MACD, break of 1.1298 will indicate term reversal. this would also be supported by sustained trading above 55 week EMA.
