Daily Pivots: (S1) 1.1851; (P) 1.1870 (R1) 1.1892; More….
With 4 hour MACD crossed below signal line, intraday bias in EUR/USD is turned neutral again. As long as 1.1712 cluster support (61.8% retracement of 1.1553 to 1.1960 at 1.1708) remains intact, near term outlook stays bullish. Break of 1.1960 will resume whole rise from 1.1553 and target 1.2091 high.
In the bigger picture, rise from 1.0339 medium term bottom is seen as a corrective move for the moment. Therefore, in case of another rally, we’d be expect 38.2% retracement of 1.6039 (2008 high) to 1.0339 (2017 low) at 1.2516 to limit upside and bring reversal. Meanwhile, sustained trading below 55 week EMA (now at 1.1435) will suggest that such medium term rebound is completed and could then bring retest of 1.0339 low.
