Daily Pivots: (S1) 1.1160; (P) 1.1202; (R1) 1.1285; More…
Focus remains on 1.1239 key resistance in EUR/USD. Decisive break there should confirm medium term bottoming at 1.0777. Near term outlook will be turned bullish for 1.1456 fibonacci level next. Nevertheless, break of 1.1095 minor support will suggest rejection by 1.1239, and retain near term bearishness. Intraday bias will be turned back to the downside for retesting 1.0777 low instead.
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.
