EUR/USD’s Drop Will Enlarge

Technical Reports

The decline from 1.2091 should enlarge if 1.1832 resistance is present. The fall is a correction for the intact increase from 1.0569. Following pivot points include: (S1) 1.1678; (P) 1.1729 (R1) 1.1759.

Larger drop will head towards 38.2% retracement of 1.0569 to 1.2091 at 1.1510. Support from there will cause a recoil. Breach of 1.1832 minor support will argue conclusion of corrective decline. 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.