EUR/USD’s Short Consolidation

Technical Reports

Pair's surge continued after a short consolidation. Trading is on the upside. Actual rally should align 1.2 handle. Following pivot points include: (S1) 1.1649; (P) 1.1695 (R1) 1.1777.

Breach of 1.1612 support will argue near term topping. If EUR/USD pull back, prognosis stays bullish.

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.