EUR/USD’s Firm Breach

The pair is sticking over 1.1109 support. Trading condition is neutral. The key resistance of 1.1298 is in the spotlight. Firm breach in that place should bring a significant bullish sentiment and head towards 1.1615 resistance. Following pivot points include: (S1) 1.1109; (P) 1.1168 (R1) 1.1205.

Breach of 1.1109 will affirm near term topping and rejection from 1.1298. If that happens, trading will turn up on the downside towards 1.0838 support.

There are some signs of medium term reversal over 55 week EMA. Bullish convergence is present in weekly MACD. 1.1298 key resistance will now be in the spotlight. Rejection from this area will indicate medium term bearishness and enlarge the entire downtrend from the maximum of 1.6039. Strong breach of 1.1298 will point out reversal. If that happens, another rally would occur on the way to 1.2042 support turned resistance.