Widening of Correction in EUR/USD is Possible

Trading in the pair is neutral. Following pivot points include: (S1) 1.1754; (P) 1.1790 (R1) 1.1843.

Breach of resistance 1.1832 will argue conclusion of a correction from 1.2091. Then, trading will turn up on the upside for retesting of a maximum 1.2091. Overcoming of temporary minimum 1.1669 will widen the correction from 1.2091 to 38.2% retracement of 1.0569 to 1.2091 at 1.1510.

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.