Daily Pivots: (S1) 1.1394; (P) 1.1419 (R1) 1.1465; More…..
A temporary top is in place at EUR/USD with 4 hour MACD crossed below signal line. Intraday bias is turned neutral for consolidation. Downside of retreat should be contained by 1.1291 minor support to bring rise resumption. Break of 1.1444 will extend the larger up trend from 1.0339 to 1.1615 medium term resistance next.
In the bigger picture, the break of 1.1298 resistance further affirm medium term reversal. That is an important bottom was formed at 1.0339 on bullish convergence condition is seen in weekly MACD. Further rise would be seen to 55 month EMA (now at 1.1776). 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.
