EUR/USD’s Consolidation is Expanding

Pair’s consolidation from a near term minimum of 1.1574 keeps expanding. Trading character is neutral. Breach of 1.1879 resistance should suggest that the fall from 1.2091 has finished. Following pivot points include: (S1) 1.1625; (P) 1.1643 (R1) 1.1663.

Short term prognosis will 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.