Daily Pivots: (S1) 1.0022; (P) 1.0122; (R1) 1.0308; More…
Intraday bias in EUR/USD remains on the upside as rise form 0.9534 is extending. Next target is 38.2% retracement of 1.1494 to 0.9534 at 1.0283. Sustained break there will target 55 week EMA (now at 1.0571). On the downside, below 1.0095 minor support will turn intraday bias neutral and bring consolidations, before staging another rally.
In the bigger picture, break of the medium term channel resistance, bullish convergence condition in daily MACD, as well as some support from 55 day EMA are bullish signs. A medium term bottom should be in place at 0.9534. Stronger rebound should be seen back towards 55 week EMA (now at 1.0567). It’s still early to conclude that the medium term trend is reversing, at least until sustained break of 55 week EMA.
