Daily Pivots: (S1) 1.1227; (P) 1.1252; (R1) 1.1277; More…..
Focus remains on 1.1263 resistance in EUR/USD. Considering bullish convergence condition in daily MACD, firm break of 1.1263 will be an early sign of medium term bottoming. Intraday bias will be turned back to the upside for 1.1448 resistance for confirmation. Nevertheless, rejection by 1.1263 will retain bearishness. That is, in this case, larger down trend from 1.2555 should resume sooner rather than later through 1.1107 low.
In the bigger picture, down trend from 1.2555 (2018 high) is still in progress. Such decline would target 78.6% retracement of 1.0339 (2016 low) to 1.2555 (2018 high) at 1.0813 next. Sustained break there will pave the way to retest 1.0339. On the upside, break of 1.1448 resistance is needed to confirm medium term bottoming. Otherwise, outlook will stay bearish in case of rebound.
