Possible Short Term Reversal in EUR/USD

The pair remains in 1.1109/1298 diapason. Trading character is neutral. Short term reversal hasn’t been proved yet. 1.1298 key resistance is in the spotlight. Following pivot points include: (S1) 1.1134; (P) 1.1156 (R1) 1.1172.

Sharp breach of 1.1298 key resistance will indicate strong bullishness and prolong the intact increase from 1.0339 to 1.1615 resistance. Resilient breach of 1.1109 support will point out 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.