Downside of EUR/USD’s Pull Back

Pair’s trading tone is neutral towards consolidation under temporary top of 1.1444. 1.1291 support should fill the downside of a pull back. Then, further increase will occur. Following pivot points include: (S1) 1.1394; (P) 1.1419 (R1) 1.1447.

Breach of 1.1444 will prolong the rally from the minimum of 1.0339 to 1.1615 resistance.

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.