Daily Pivots: (S1) 1.1498; (P) 1.1526 (R1) 1.1544; More…
EUR/USD rebounds strongly in early US session but it’s kept below 1.1582 temporary top. Intraday bias remains neutral and the consolidation from 1.1582 could extend. In case of another fall, downside should be contained by 1.1444 resistance turned support to bring rise resumption. Above 1.1582 will target 1.1615 key resistance first. Decisive break there will pave the way to 1.2 handle 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 1.1756). 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.
