Daily Pivots: (S1) 1.1050; (P) 1.1118; (R1) 1.1199; More…
EUR/USD is losing some upside momentum as seen in 4 hour MACD. But with 1.1038 minor support intact, further rise is in favor to 1.1239 key resistance. Decisive break of 1.1239 resistance will confirm medium term bottoming at 1.0777 and turn outlook bullish. On the downside, break of 1.1038 minor support will turn bias back to the downside for retesting 1.0777 low.
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.
