Bottom Creation in EUR/USD

Pair’s consolidation from 1.1444 is expanding. Trading character is neutral. If further decline occurs, 1.1291 resistance turned support should restrain the downside and lead to lift restoration. Following pivot points include: (S1) 1.1380; (P) 1.1399 (R1) 1.1417.

Breach of 1.1444 will prolong the rally from the minimum of 1.0339 to 1.1615 resistance. Breach of 1.1291 will shift attention to 1.1118 support.

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.