EUR/USD’s Fall Resuming

Pair's fall from 1.2091 is resuming. Breach of 1.1822 support suggests short term reversal. The decline is also correcting the intact rally from 1.0569. Trading is on the downside towards 1.1661 support. Following pivot points include: (S1) 1.1808; (P) 1.1872 (R1) 1.1913.

Breach will align 38.2% retracement of 1.0569 to 1.2091 at 1.1510. The support from that place will cause a recoil. Breach of 1.2029 resistance should indicate ending of retreat. The correction is extending and larger drop is expected.

The lift from the medium term bottom of 1.0339 keeps extending towards 38.2% retracement of 1.6039 to 1.0339 at 1.2516. Trend reversal is so far unlikely. The recoil from 1.0399 has a corrective manner. The long term decline from 1.6039 might be progressing. Sustained resistance from 1.2516 should limit the upside. Breach of 1.1661 will argue formation of a medium term top. If EUR/USD backs down, prognosis will stay bullish.