EUR/USD Recommenced

Technical Reports

The pair has hit the support of 1.2222 and recommenced. Trading character is neutral and 1.2222 level is in the spotlight. According to bearish divergence in 4 hour MACD, firm breach in that area will indicate rejection from the key fibonacci level of 1.2516 and a short term reversal. Following pivot points include: (S1) 1.2208; (P) 1.2248 (R1) 1.2290.

Medium term uptrend from 1.0339 will soon be finished and if that happens, short term forecast will become bearish to 38.2% retracement of 1.0339 to 1.2537 at 1.1697. Over 1.2403 minor resistance, bullishness will be restored and 1.2537 level will be aligned.

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. Strong breach of 1.2516 will suggest bullishness and align 61.8% retracement of 1.6039 to 1.0339 at 1.3862.