EUR/USD’s Pull Back Pushed Downwards

Technical Reports

Pair's pull back from 1.1444 pushed downwards but remained over 1.1291 support. Trading character is neutral. Further consolidative trading is awaited. Following pivot points include: (S1) 1.1336; (P) 1.1381 (R1) 1.1408.

1.1291 support should fill the downside and lead to restoration of a surge. 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.