EUR/USD’s Short Term Top

Technical Reports

Pair’s trading stays neutral towards consolidation under a short term top of 1.1960. Increase from 1.1553 should prolong as long as 1.1712 support is present. Over 1.1960, EUR/USD will align the maximum of 1.2091. Breach in that area will expand medium term uptrend from 1.0339 and head towards 61.8% projection of 1.0569 to 1.2091 from 1.1553 at 1.2494 near long term fibonacci level of 1.2516. Following pivot points include: (S1) 1.1806; (P) 1.1863 (R1) 1.1899.

Sustained resistance should lead to reversal. Breach of 1.1712 support should confirm ending of increase from 1.1553 and make prognosis bearish.

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.