EUR/USD’s Recoil Edged Upwards

Technical Reports

Pair's recoil from 1.1915 moved upwards but remained bounded under the key resistance of 1.2091. Trading stays neutral. Sustained breach of 1.2091 key resistance will argue uptrend restoration. More corrective trading and further decline are awaited in the pair. Following pivot points include: (S1) 1.1953; (P) 1.2006 (R1) 1.2084.

Under 1.1915 trading will turn up on the downside towards 38.2% retracement of 1.1553 to 1.2088 at 1.1884. Breach will align 61.8% retracement at 1.1757 and lower. Strong breach of 1.2091 will extend the intact medium term lift from 1.0339 for the long term fibonacci level of 1.2516.

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.