EUR/USD’s Projection

Pair’s trading remains on the upside. Actual surge from 1.1553 would head towards a test on the maximum of 1.2091. Breach in that area will extend medium term uptrend from 1.0339 and align 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) 1.1875; (P) 1.1918 (R1) 1.1941.

Firm resistance should lead to reversal. After hitting 1.1860 support trading will turn up in the neutral position. Breach of 1.1712 support should confirm 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.