EUR/USD’s Retreat Is Extending

Pair’s trading tone neutral. The retreat from 1.1860 is extending. If the whole 1.1677 support holds, short term prognosis stays bullish. Corrective drop from 1.2091 has ended at 1.1553, while moving towards 38.2% retracement of 1.0569 to 1.2091 at 1.1510. Following pivot points include: (S1) 1.1714; (P) 1.1736 (R1) 1.1759.

Over 1.1860, trading will turn up on the upside towards a repeat test of 1.2091 maximum. Breach of 1.1677 will subdue bullishness and align a 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.