Daily Pivots: (S1) 0.9886; (P) 0.9932; (R1) 1.0013; More…
Immediate focus is now on 0.9998 resistance in EUR/USD. Decisive break there will confirm resumption of rebound from 0.9534. More importantly, that should also indicate medium term bottoming at 0.9534, on bullish convergence condition in daily MACD. Stronger rise should then be seen to 38.2% retracement of 1.1494 to 0.9534 at 1.0283. On the downside, break of 0.9630 will resume larger down trend through 0.9534 instead.
In the bigger picture, the case of medium term bottoming at 0.9534 building up. While it is too early to call for trend reversal, firm break of 0.9998 will open up stronger rebound back to 55 week EMA (now at 1.0630) even as a corrective rise. Meanwhile, firm break of 0.9534 will resume larger down trend to 100% projection of 1.3993 to 1.0339 from 1.2348 at 0.8694.
