EUR/USD’s Growth Continued

Technical Reports

Pair's growth continued after a short consolidation. It has breached the key resistance of 1.1615. Trading is on the upside again. Following pivot points include: (S1) 1.1521; (P) 1.1589 (R1) 1.1699.

Stable trading over 1.1615 will prolong the medium term lift towards 1.2 handle. Breach of 1.1478 support should suggest formation of a near term top. If EUR/USD pulls back, prognosis stays 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.