EUR/USD’s Consolidation Under Short Term Top

Technical Reports

Pair’s trading character is neutral till consolidation under the short term top of 1.1582. If 1.1312 support is present, prognosis stays bullish. Following pivot points include: (S1) 1.1498; (P) 1.1526 (R1) 1.1544.

Over 1.1582, EUR/USD will head towards the key resistance of 1.1615. Strong breach in that zone will align 1.2 handle.

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.