EUR/USD’s Correction is Over

Technical Reports

The pair is growing towards 1.1804. Trading is on the upside till 1.1836 resistance. Correction from 1.2091 has ended at 1.1553. Following pivot points include: (S1) 1.1704; (P) 1.1754 (R1) 1.1848.

Breach of 1.1836 will head towards a repeat test of 1.2091 maximum. Under 1.1689 resistance turned support trading will turn up on the downside towards the minimum of 1.1553.

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.