Projection in EUR/USD
Pair's consolidation from 1.2537 is extending. Trading stays neutral. Short term prognosis is bullish if 1.2222 support stands. Choppy breach of 1.2494/2516 resistance area will prolong the rally for 100% projection of 1.0569 to 1.2091 from 1.1553 at 1.3075. Following pivot points include: (S1) 1.2335; (P) 1.2383 (R1) 1.2431.
Basing on a bearish divergence seen in 4 hour MACD, breach of 1.2222 will confirm rejection. In that case, forecast will become bearish till 1.1915 support.
Lift from the medium term bottom of 1.0339 has a corrective nature. Firm breach of 1.2516 will suggest bullishness and align 38.2% retracement of 1.6039 to 1.0339 at 1.3862. Rejection from 1.2516 will boost long term bearish prognosis and suggest repeat test of 1.0039 level.