Location of EUR/USD’s Short Term Minimum
Pair’s short term minimum is at 1.1574. Trading became neutral. Further consolidation is expected. Breach of 1.1879 resistance will indicate ending of the fall from 1.2091. Following pivot points include: (S1) 1.1610; (P) 1.1634 (R1) 1.1675.
Short term prognosis is likely to remain bearish. Under 1.1574, EUR/USD will head towards 38.2% retracement of 1.0569 to 1.2091 at 1.1510.
The lift from a medium term bottom of 1.0339 keeps extending. If further rally occurs, 38.2% retracement of 1.6039 to 1.0339 at 1.2516 will bound upside and cause reversal. Stable trading under 55 week EMA will confirm that the medium term recoil has finished. The repeat test of 1.0339 minimum is possible.