EUR/USD’s Temporary Top

Pair’s trading stays neutral. According to bearish divergence in 4 hour MACD, temporary top should be formed at 1.1489. Following pivot points include: (S1) 1.1360; (P) 1.1407 (R1) 1.1445.

Larger pull back should align 1.1312 support and lower. 1.1118 support will restrain the downside and draw restoration of growth. Breach of 1.1489 will expand the rally from 1.0339 towards key resistance of 1.1615.

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.