EUR/USD’s Retreat is Over

Technical Reports

Strong breach of 1.1862 minor resistance indicates that retreat from 1.1960 has ended at 1.1717. The whole accumulation of support 1.1712 is sustained. Following pivot points include: (S1) 1.1832; (P) 1.1867 (R1) 1.1905.

Prognosis is still bullish. Trading is on the upside towards 1.1960. Breach in that area will prolong the lift from 1.1553 towards a repeat test of maximum 1.2091.

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.