Extension of EUR/USD’s Fall
Pair’s fall extended to the minimum of 1.2245. There was a downside boost in 4 hour MACD. Basing on a bearish divergence in 4 hour MACD, sustained breach of 1.2222 support suggests trend reversal and rejection from key fibonacci level of 1.2494/2516. Following pivot points include: (S1) 1.2204; (P) 1.2305 (R1) 1.2364.
Medium term uptrend from 1.0339 will soon be finished and if that happens, short term forecast will become bearish for 1.2091 resistance turned 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.