Consolidative Trading Prevails in EUR/USD
Consolidative trading prevails in the pair, which keeps being in 1.1109/1295 diapason. Trading tone is neutral. The key resistance of 1.1298 is in the spotlight. Sharp breach in that area should indicate bullishness and head towards 1.1615 resistance. Following pivot points include: (S1) 1.1122; (P) 1.1167 (R1) 1.1192.
Breach of 1.1109 will argue creation of a near term top 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.