EUR/USD Recommencement

Technical Reports

The pair has recommenced. Still, it’s holding under 1.2537 level. Trading is still neutral. Short term prognosis is bullish if 1.2222 support stands. Following pivot points include: (S1) 1.2418; (P) 1.2470 (R1) 1.2556.

Decisive breach of 1.2494/2516 resistance region will push rally to 100% projection of 1.0569 to 1.2091 from 1.1553 at 1.3075. According to bearish divergence seen in 4 hour MACD, break of 1.2222 will suggest 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.