Daily Pivots: (S1) 1.1819; (P) 1.1844; (R1) 1.1886; More…..
EUR/USD is staying in range of 1.1711/1965 despite today’s decline. Intraday bias remains neutral first and further rally might still be seen. Break of 1.1965 will resume whole rally from 1.0635. However, considering bearish divergence condition in 4 hour MACD, break of 1.1711 should confirm short term topping. Intraday bias will be turned back to the downside for 55 day EMA (now at 1.1546).
In the bigger picture, down trend from 1.2555 (2018 high) has completed at 1.0635 already. Rise form 1.0635 is seen as the third leg of the pattern from 1.0339 (2017 low). Further rally rise should be seen to cluster resistance at 1.2555 next, (38.2% retracement of 1.6039 to 1.0339 at 1.2516 ). This will remain the favored case as long as 1.17114 support holds.
