EUR/USD’s Rally

Technical Reports

The pair is staying inside of consolidation from 1.2537. Trading character is neutral. Short term prognosis is bullish if 1.2222 support stands. Choppy breach of 1.2494/2516 resistance area will push rally to 100% projection of 1.0569 to 1.2091 from 1.1553 at 1.3075. Following pivot points include: (S1) 1.2375; (P) 1.2424 (R1) 1.2463.

According to bearish divergence seen in 4 hour MACD, breach of 1.2222 will argue rejection from 1.2494/2516 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.