Consolidation in EUR/USD
Pair’s trading tone is neutral. Consolidation might occur under the key resistance of 1.2091. If 4 hour 55 day EMA is present, another lift is likely. Following pivot points include: (S1) 1.1987; (P) 1.2026 (R1) 1.2052.
Sustained breach of 1.2091 will indicate restoration of a medium term rally and head towards key fibonacci level of 1.2494/2516. Firm breach of 4 hour 55 EMA will prolong the consolidation pattern from 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 around 61.8% projection of 1.0569 to 1.2091 from 1.1553 at 1.2494.