EUR/USD’s Larger Decline

Pair’s trading character is neutral. The consolidation from 1.1489 might be progressing. Following pivot points include: (S1) 1.1415; (P) 1.1443 (R1) 1.1495.

Under 1.1312, larger decline will align 55 day EMA. If that happens, 1.1118 support will restrain the downside and draw restoration of growth. Breach of 1.1489 will expand the rally from 1.0339 towards key resistance of 1.1615.

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.