EUR/USD’s Sideway Trading

Pair’s trading is still neutral. Sideway trading over a short term minimum of 1.1716 is possible. If 1.2029 resistance is present, larger drop is awaited. The fall from 1.2091 is correcting the intact lift from 1.0569. Following pivot points include: (S1) 1.1736; (P) 1.1770 (R1) 1.1820.

Under 1.1716, EUR/USD will align 1.1661 support and 38.2% retracement of 1.0569 to 1.2091 at 1.1510. The support from that area will cause recoil.

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.