EUR/USD’s Larger Pull Back

The pair has formed a temporary top at 1.1683. Trading character is neutral towards consolidation. Following pivot points include: (S1) 1.1615; (P) 1.1650 (R1) 1.1674.

Larger pull back is anticipated. 1.1478 support should restrain the downside and draw restoration of surge. Breach of 1.1683 will prolong the actual uptrend towards 1.2 handle.

According to bullish convergence in weekly MACD, the pair has created a significant bottom at 1.0339. Choppy breach of 55 month EMA will align the key fibonacci level at 38.2% retracement of 1.6039 to 1.0339 at 1.2516. The increase from 1.0339 is sustained, but long term uptrend is unlikely. Firm resistance from 1.2516 might bound the upside. If 1.1295 support stands, medium term prognosis stays bullish.