EUR/USD’s Medium Term Resistance

Pair's rally enlarged after a short pull back. It has now achieved 1.1432 level. Trading is on the upside. Running rally from 1.0339 should head towards a medium term resistance of 1.1615. Following pivot points include: (S1) 1.1227; (P) 1.1288 (R1) 1.1398.

Under 1.1274 minor support trading will turn up in neutral position and EUR/USD will back down. 1.1118 support will fill the downside and cause restoration of growth.

The breach of 1.1298 resistance should argue a medium term trend reversal. According to bullish convergence in weekly MACD, the bottom was created at 1.0339. Another rally should head towards 55 month EMA. Firm breach in that place will align 38.2% retracement of 1.6039 to 1.0339 at 1.2516.