Daily Pivots: (S1) 1.1446; (P) 1.1466 (R1) 1.1498; More…..
EUR/USD’s rally resumed and surges to as high as 1.1537 so far. Intraday bias is back on the upside for 1.1615 key resistance next. Decisive break there will pave the way to 1.2 handle. On the downside, below 1.1434 minor support will turn bias neutral and bring retreat. But near term outlook will stay bullish as long as 1.1312 support holds.
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 1.1763). 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.
