Daily Pivots: (S1) 0.9917; (P) 1.0006; (R1) 1.0053; More…
Intraday bias in EUR/USD remains neutral for the moment. Rise from 0.9534 is still expected to continue as long as 4 hour 55 EMA (now at 0.9898). Above 1.0092 will resume the rally from 0.9534 to 38.2% retracement of 1.1494 to 0.9534 at 1.0283. However, sustained trading below 4 hour 55 EMA will turn bias to the downside for 0.9534/9630 support zone again.
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.
