Daily Pivots: (S1) 1.1227; (P) 1.1252; (R1) 1.1277; More…..
EUR/USD reaches as high as 1.1304 so far today. Break of 1.1263 resistance at least indicate completion of the decline from 1.1448 at 1.1107. Intraday bias is now back on the upside for 1.1448 key resistance next. On the downside, break of 1.1215 resistance support is now needed to indicate completion of rise from 1.1107. Otherwise, further rally will remain mildly in favor even in case of retreat.
In the bigger picture, down trend from 1.2555 (2018 high) might still be in progress. Such decline would target 78.6% retracement of 1.0339 (2016 low) to 1.2555 (2018 high) at 1.0813 on resumption. However, break of 1.1448 resistance would confirm medium term bottoming, on bullish convergence condition in daily MACD. In such case, stronger rebound should be seen to 38.% retracement of 1.2555 to 1.1107 at 1.1660. We’d look at the structure of the rebound to decide whether it’s a corrective rise later.
