Daily Pivots: (S1) 1.1238; (P) 1.1262; (R1) 1.1279; More…
No change in EUR/USD’s outlook as rebound from 1.1193 would extend to retest 1.1412 resistance. Break will resume the whole rebound from 1.1107. On the downside, break of 1.1193 will turn bias back to the downside to retest 1.1107 low instead.
In the bigger picture, bullish convergence condition in daily and weekly MACD suggests that 1.1107 is a medium term bottom. However, rejection by 55 EMA retains medium term bearish. Outlook will be neutral for now. On the downside, break of 1.1107 will resume the down trend from 1.2555 (2018 high) to 78.6% retracement of 1.0339 to 1.2555 at 1.0813. Meanwhile, break of 1.1412 will resume the rebound to 38.2% retracement of 1.2555 to 1.1107 at 1.1660.
