The EURUSD rally is stalling just shy of the February high at 1.31. Additional resistance at the current level is the 55 day SMA, which the pair crossed above yesterday but failed to close above. Still, structure is bullish as long as price is above 1.2832 (yesterday’s low, which was also an outside day). As I’ve mentioned in recent weeks, the decline from 1.3333 was a diagonal which completed 5 waves down from 1.4723. Diagonals are usually fully retraced. Positive sloping MACD, which is about to cross into positive territory, favors bulls.
