EUR/USD’s Rally Continued

Technical Reports

Pair's rally continued and rose to the 1.1537 level. Trading is on the upside towards key resistance of 1.1615. Strong breach will align 1.2 handle. Following pivot points include: (S1) 1.1446; (P) 1.1466 (R1) 1.1498.

Under 1.1434 minor support trading will turn up in the neutral position and EUR/USD will pull back. If 1.1312 support is present, short term prognosis remains bullish.

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.