EUR/USD’s recovery was limited well below 1.2403 minor resistance and weakens sharply. Intraday bias stays neutral with focus back of 1.2222. On the downside, sustained break of 1.2222 key support should confirm rejection from 1.2516 key fibonacci level, as well as near term reversal, on bearish divergence condition in 4 hour MACD. That could also signal completion of medium term up trend from 1.0339. In that case, near term outlook will be turned bearish for 38.2% retracement of 1.0339 to 1.2537 at 1.1697. On the upside, though, above 1.2403 minor resistance will revive bullishness and turn focus back to 1.2537.
Posted in Forex Market.