EUR/USD’s Actual Recommencement
Considering actual recommencement, pair’s trading became neutral. If the whole 1.1689 resistance stands, decline from 1.2091 is expanding towards 38.2% retracement of 1.0569 to 1.2091 at 1.1510. Following pivot points include: (S1) 1.1577; (P) 1.1594 (R1) 1.1610.
Firm support from that place will lead to recoil. Strong breach of 1.1510 will head towards another support zone of 1.1118/1267. Breach of 1.1689 resistance will suggest near term bottom 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.