Daily Pivots: (S1) 1.1227; (P) 1.1288 (R1) 1.1398; More….
EUR/USD surges to as high as 1.1355 as larger rally from 1.0339 resumed. Break of 1.1298 resistance carries larger bullish implication. Intraday bias stays on the upside for 1.1615 resistance next. On the downside, below 1.1274 minor support will turn bias neutral and bring retreat. But pull back should be contained above 1.1118 support to bring rise resumption.
In the bigger picture, the break of 1.1298 resistance further affirm medium term reversal. That is an important bottom was formed at 1.0339 on bullish convergence condition is seen in weekly MACD. Further rise would be seen to 55 month EMA (now at 1.1776). 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 .1118 support holds.
