Longer Consolidation in EUR/USD

Pair’s trading condition is neutral. Another increase is possible if the entire 1.1382 minor support holds. Breach of 1.1489 will enlarge the rally from 1.0339 to the key resistance of 1.1615. Following pivot points include: (S1) 1.1372; (P) 1.1430 (R1) 1.1470.

According to the bearish divergence in 4 hour MACD, breach of 1.1382 minor support will point out near term topping. If that happens, longer 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.