EUR/USD’s Key Short Term Resistance
Pair’s trading is slightly on the downside. There might have been rejection from the key short term resistance of 1.2091. Drop from 1.2088 is seen as part of the consolidation pattern from 1.2091. Another fall will align 38.2% retracement of 1.1553 to 1.2088 at 1.1884. Following pivot points include: (S1) 1.1931; (P) 1.1991 (R1) 1.2028.
Breach of 1.1884 will head towards 61.8% retracement at 1.1757 and lower. Sustained breach of 1.2091 will indicate uptrend restoration. Overall, more correction is expected in pair.
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.