EUR/USD is Restricted

Technical Reports

The pair is restricted inside of consolidation from 1.2537. Trading character is neutral. Short term projection is bullish if 1.2222 support stands. Following pivot points include: (S1) 1.2335; (P) 1.2383 (R1) 1.2431.

Firm breach of 1.2494/2516 resistance region will enlarge the rally towards 100% projection of 1.0569 to 1.2091 from 1.1553 at 1.3075. Basing on a bearish divergence seen in 4 hour MACD, breach of 1.2222 will point out 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.