No Signs of Reversal in EUR/USD
Pair’s trading character is neutral. EUR/USD is limited inside of 1.1109/1295 diapason. Since the entire 1.1109 support is present, no signs of reversal are seen. Following pivot points include: (S1) 1.1162; (P) 1.1190 (R1) 1.1210.
Firm breach of 1.1298 key resistance will suggest bullish sentiment and head towards 1.1615 resistance. Breach of 1.1109 support will confirm 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.