Daily Pivots: (S1) 1.0970; (P) 1.1011; (R1) 1.1072; More…
EUIR/USD rises to as high as 1.1164 so far. Strong break of 61.8% retracement of 1.1239 to 1.0777 at 1.1063 raises the chance of larger bullish reversal. Intraday bias now remains on the upside for 1.1239 resistance. Sustained break there will turn outlook bullish. On the downside, break of 1.1038 minor support will turn intraday bias neutral first.
In the bigger picture, as long as 1.1239 resistance holds, larger down trend from 1.2555 (2018 high) is still in favor to extend through 1.0777 low. However, sustained break of 1.1239 will also have 55 week EMA (1.1154) decisive taken out. That should confirm medium term bottoming, with bullish convergence condition in weekly MACD. Further rise could then be seen back to 38.2% retracement of 1.2555 to 1.0777 at 1.1456 next.
