EUR/USD Daily Analysis
Immediate focus is now on 0.9998 resistance in EUR/USD. A decisive break there will confirm the resumption of a rebound from 0.9534. More importantly, that should also indicate medium-term bottoming at 0.9534, on bullish convergence condition in daily MACD. A stronger rise should then be seen to a 38.2% retracement of 1.1494 to 0.9534 at 1.0283. On the downside, the break of 0.9630 will resume a larger down trend through 0.9534 instead.
In the bigger picture, the case of medium-term bottoming at 0.9534 builds up. While it is too early to call for trend reversal, a firm break of 0.9998 will open up a stronger rebound back to 55-week EMA (now at 1.0630) even as a corrective rise. Meanwhile, a firm break of 0.9534 will resume a larger downtrend to a 100% projection of 1.3993 to 1.0339 from 1.2348 at 0.8694.
