Daily Pivots: (S1) 1.1751; (P) 1.1790; (R1) 1.1813; More…..
Immediately focus is now on 1.1762 support in EUR/USD. Decisive break there will confirm short term topping at 1.2011, on bearish divergence condition in 4 hour MACD. Intraday bias will be turned to be downside for 55 day EMA (now at 1.1652). Sustained break there will suggest that the decline is correcting whole rise from 1.0635, and target 1.0635 to 1.2011 at 1.1485. Nevertheless, rebound from current level, followed by 1.2011 resistance, will resume the rise from 1.0635 instead.
In the bigger picture, down trend from 1.2555 (2018 high) has completed at 1.0635 already. Rise from 1.0635 is seen as the third leg of the pattern from 1.0339 (2017 low). Further rally rise should be seen to cluster resistance at 1.2555 next, (38.2% retracement of 1.6039 to 1.0339 at 1.2516 ). This will remain the favored case as long as 1.1422 resistance turned support holds.
