Bearish Divergence in EUR/USD

Technical Reports

The pair has surged to 1.1489. The rally has extended. Trading is on the upside. Running rally from the minimum of 1.0339 will prolong towards 1.1615 resistance. Following pivot points include: (S1) 1.1406; (P) 1.1442 (R1) 1.1503.

According to the bearish divergence in 4 hour MACD, breach of 1.1382 minor support will argue formation of a near term top. If that happens, larger consolidation and further rally will occur.

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.