Daily Pivots: (S1) 1.1105; (P) 1.1129; (R1) 1.1158; More…
With 4 hour MACD crossed below signa line, intraday bias in EUR/USD is turned neutral first. We continue to expect strong resistance from 61.8% retracement of 1.1496 to 1.0635 at 1.1167 to complete the consolidation pattern from 1.0635. On the downside, below 1.1008 resistance turned support will turn intraday bias to the downside for 1.0870 support. However, sustained break of 1.1167 will pave the way to 1.1496 key resistance next.
In the bigger picture, as long as 1.1496 resistance holds, whole down trend from 1.2555 (2018 high) should still be in progress. Next target is 1.0339 (2017 low). However, sustained break of 1.1496 will argue that such down trend has completed. Rise from 1.0635 could then be seen as the third leg of the pattern from 1.0339. In this case, outlook will be turned bullish for retesting 1.2555.
