Daily Pivots: (S1) 1.1724; (P) 1.1758 (R1) 1.1783; More…..
EUR/USD lost momentum after hitting 1.1790, with 4 hour MACD dropped below signal line. Intraday bias is turned neutral first. As noted before, rise from 1.1507 is seen as a corrective pattern. Hence, in case of another rise, upside should be limited by 1.1851 resistance to bring reversal. On the downside, below 1.1679 minor support will turn bias back to the downside for retesting 1.1507 low first.
In the bigger picture, EUR/USD was rejected by 38.2% retracement of 1.6039 (2008 high) to 1.0339 (2017 low) at 1.2516. And, a medium term top was formed at 1.2555 already. Decline from there should extend further to 61.8% retracement of 1.0339 to 1.2555 at 1.1186 and below. For now, even in case of rebound, we won’t consider the fall from 1.2555 as finished as long as 1.1995 resistance holds.
