EUR/USD Strongly Declined

Technical Reports

The pair has strongly declined but remained over minor resistance of 1.1716. Trading character is neutral. The fall from 1.2091 is correcting the intact lift from 1.0569. Following pivot points include: (S1) 1.1779; (P) 1.1806 (R1) 1.1839

If 1.22029 resistance stands, larger decline is possible. 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. It will resume after ending of the retreat from 1.2091. It will then align 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.