Restoration of EUR/USD’s Medium Term Rally

Pair’s trading stays on the upside towards 100% projection of 1.1553 to 1.1960 from 1.1717 at 1.2124, if the whole minor support of 1.1998 holds. Sustained breach in that place will indicate restoration of a medium term rally. Following pivot points include: (S1) 1.2010; (P) 1.2045 (R1) 1.2094.

Key fibonacci level of 1.2494/2516 will soon be aligned. Under 1.1998 minor support, trading will turn up in the neutral position and EUR/USD will stage consolidation and further increase.

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 around 61.8% projection of 1.0569 to 1.2091 from 1.1553 at 1.2494.