EUR/USD’s Bullish Convergence

Pair’s trading condition is neutral. The consolidation from 1.1444 is extending. If further drop occurs, 1.1291 resistance turned support should fill the downside and cause restoration of growth. Following pivot points include: (S1) 1.1371; (P) 1.1405 (R1) 1.1431.

Breach of 1.1444 will prolong the rally from the minimum of 1.0339 to 1.1615 resistance. Breach of 1.1291 will shift attention to 1.1118 support.

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.