Recoil in EUR/USD is Possible

Technical Reports

Trading is neutral, as the pair is staying in a range of 1.1727/1908. Pivot points are at: (S1) 1.1769; (P) 1.1792 (R1) 1.1816.

A short term top is formed at 1.1908. Trading below minor support 1.1727 will back to the downside for 38.2% retracement of 1.1119 to 1.1908 at 1.1606. Recoil is awaited in the euro/dollar pair.

The pair has created a bottom at 1.0339. Overcoming of 55 month EMA will align the key fibonacci level at 38.2% retracement of 1.6039 to 1.0339 at 1.2516. Growth from 1.0339 is sustained, but long term uptrend is unlikely. Firm resistance from 1.2516 might bound the upside.