Pull Back in EUR/USD Has Resumed
Trading in the pair is on the downside for 38.2% retracement of 1.1119 to 1.1908 at 1.1606, as a pull back from short term top 1.1908 has resumed. Pivot points are at: (S1) 1.1703; (P) 1.1763 (R1) 1.1813.
Recoil in the paie is possible. Overcoming of 1.1908 will point out up trend resumption. Consolidation in the euro/dollar pair is possible.
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.