EUR/USD’s Correction Expansion

Technical Reports

Pair’s correction from 1.2091 keeps expanding. Trading stays on the downside towards 1.1661 support. The fall is a correction for the intact lift from 1.0569. Breach of 1.1661 will align 38.2% retracement of 1.0569 to 1.2091 at 1.1510. The support at that zone will lead to recoil. Following pivot points include: (S1) 1.1745; (P) 1.1803 (R1) 1.1850.

Over 1.1861 minor resistance trading will turn up in the neutral position. Breach of 1.2029 resistance will indicate that the retreat has concluded. The correction resumes and larger decline is possible.

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.