Daily Pivots: (S1) 1.1394; (P) 1.1419 (R1) 1.1447; More…..
EUR/USD’s retreat from 1.1444 is still in progress and intraday bias remains neutral. Deeper fall cannot be ruled out. But downside should be contained by 1.1291 support to bring another rise. Break of 1.1444 will extend the rally from 1.0339 low to 1.1615 resistance next.
In the bigger picture, the firm break of 1.1298 resistance further affirm medium term reversal. That is an important bottom was formed at 1.0339 on bullish convergence condition 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.
