Daily Pivots: (S1) 0.9989; (P) 1.0039; (R1) 1.0134; More…
Intraday bias in EUR/USD remains on the upside at this point. Rise from 0.9534 is in progress for 38.2% retracement of 1.1494 to 0.9534 at 1.0283. On the downside, below 0.9942 minor support will turn intraday bias neutral and bring consolidations first, before staging another rally.
In the bigger picture, the case of medium term bottoming at 0.9534 building up, with bullish convergence condition in daily MACD. While it is too early to call for trend reversal, firm break of 0.9998 opens up stronger rebound back to 55 week EMA (now at 1.0630) even as a corrective rise. This will now be the favored case as long as 55 day EMA (now at 0.9937) holds.
