Restoration of EUR/USD’s Increase
Pair’s recoil is progressing, aligning the 1.1860 level. Breach will prove restoration of increase from 1.1553. Corrective decline from 1.2091 has finished at 1.1553, while moving towards 38.2% retracement of 1.0569 to 1.2091 at 1.1510. Following pivot points include: (S1) 1.1759; (P) 1.1793 (R1) 1.1855.
Over 1.1860, the rally will expand towards a repeat test of 1.2091 maximum. If 1.1677 support holds, short term prognosis stays bullish.
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.