EUR/USD’s Key Short Term Support

Technical Reports

Pair’s trading tone is neutral. The key short term support of 1.2222 is in the spotlight. According to bearish divergence in 4 hour MACD, choppy breach in that area will indicate rejection from 1.2516 key fibonacci level, short term reversal and ending of a medium term uptrend from 1.0339. Following pivot points include: (S1) 1.2250; (P) 1.2274 (R1) 1.2313.

Short term forecast might 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.