EUR/USD Will Recoil

The decline from 1.2091 is extending towards 38.2% retracement of 1.0569 to 1.2091 at 1.1510 if the whole 1.1689 resistance stands. Sustained support from that place will cause a recoil. Following pivot points include: (S1) 1.1554; (P) 1.1585 (R1) 1.1616.

Decisive breach of 1.1510 will head towards further support area of 1.1118/1267. Breach of 1.1689 resistance will indicate near term top formation. If EUR/USD recovers, prognosis will stay bearish.

The lift from a medium term bottom of 1.0339 is a corrective. 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.