Extension of EUR/USD’s Decline

Pair’s trading is on the downside. The decline from 1.2088 is extending. It’s seen as part of the consolidation pattern from 1.2091. Breach of 38.2% retracement of 1.1553 to 1.2088 at 1.1884 will align 61.8% retracement at 1.1757 and lower. Following pivot points include: (S1) 1.1908; (P) 1.1942 (R1) 1.1968.

Over 1.1981 minor resistance trading will turn up in the neutral position. 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.