The EUR/USD Has Formed a Temporary High

Trading in the pair is neutral, as a temporary top is in place at 1.1879. Pull back from 1.2091 should have completed at 1.1669. Following pivot points include: (S1) 1.1811; (P) 1.1845 (R1) 1.1864.

Further increase in the pair is possible to retest maximum 1.2091. Overcoming of 1.1787 will prolong the correction from 1.2091 through 1.1669.

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.