EUR/USD’s Medium Term Rally
The pair keeps losing the upside impulse. If the entire 1.1612 minor support holds, another lift is favored. Following pivot points include: (S1) 1.1624; (P) 1.1700 (R1) 1.1751.
Actual medium term rally should head towards 1.2 handle. According to bearish divergence in 4 hour MACD, breach of 1.1612 will confirm creation of a near term top and draw larger consolidation.
According to bullish convergence in weekly MACD, the pair has created a significant bottom at 1.0339. Choppy breach of 55 month EMA will align the key fibonacci level at 38.2% retracement of 1.6039 to 1.0339 at 1.2516. The increase from 1.0339 is sustained, but long term uptrend is unlikely. Firm resistance from 1.2516 might bound the upside. If 1.1295 support stands, medium term prognosis stays bullish.