EUR/USD’s Consolidation is Progressing

Pair’s trading is still neutral. The consolidation from a near term minimum 1.1574 is extending. Breach of 1.1879 resistance should prove ending of the fall from 1.2091. Following pivot points include: (S1) 1.1618; (P) 1.1652 (R1) 1.1693.

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.