EUR/USD’s Decline Has Corrective Behavior

Technical Reports

The decline from 1.2091 will break 1.1661 support if the whole 1.1832 minor resistance holds. Fall from 1.2091 is correcting the entire increase from 1.0569. Bigger decline must align 38.2% retracement of 1.0569 to 1.2091 at 1.1510. Support from that place will cause recoil. Following pivot points include: (S1) 1.1702; (P) 1.1738 (R1) 1.1780.

Breach of 1.1832 minor support will argue ending of the corrective drop. Then, trading will turn up on the upside.

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.