Daily Pivots: (S1) 1.1192; (P) 1.1248; (R1) 1.1278; More…..
After some volatility and breaking yesterday’s low and high, EUR/USD is staying in consolidative mode. Intraday bias remains neutral for the moment. Further rise is still currently in favor and break of 1.1309 will extend the rebound from 1.1107 short term bottom to 1.1448 key resistance. Decisive break there will carry larger bullish implications. However, break of 1.1200 should now confirm completion of the rebound from 1.1107. Intraday bias will then be turned back to the downside for 1.1107 low instead.
In the bigger picture, down trend from 1.2555 (2018 high) might still be in progress. Such decline would target 78.6% retracement of 1.0339 (2016 low) to 1.2555 (2018 high) at 1.0813 on resumption. However, break of 1.1448 resistance would confirm medium term bottoming, on bullish convergence condition in daily MACD. In such case, stronger rebound should be seen to 38.2% retracement of 1.2555 to 1.1107 at 1.1660. We’d look at the structure of the rebound to decide whether it’s a corrective rise later.
