EUR/USD's Medium Term Uptrend
Pair’s trading stays on the upside. Increase from 1.1553 should align a test on 1.2091 maximum. Breach in that area will extend medium term uptrend from 1.0339 and head towards 61.8% projection of 1.0569 to 1.2091 from 1.1553 at 1.2494 around a long term fibonacci level of 1.2516. Following pivot points include: (S1) 1.1859; (P) 1.1901 (R1) 1.1967.
Sustained resistance should cause a trend reversal. Breach of 1.1712 support should argue ending of increase from 1.1553. If EUR/USD pulls back, 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.