EUR/USD’s Retreat is Over

Technical Reports

Pair’s firm recoil as well as breach of 1.2403 level argues conclusion of retreat from 1.2537 at 1.2205 after hitting the key support of 1.2222. Trading turned up on the upside towards 1.2537 resistance. Following pivot points include: (S1) 1.2328; (P) 1.2397 (R1) 1.2518.

Sustained breach in that area will suggest bigger uptrend resumption and align 100% projection of 1.0569 to 1.2091 from 1.1553 at 1.3075. The forecast stays bullish with 1.2205 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. Strong breach of 1.2516 will suggest bullishness and align 61.8% retracement of 1.6039 to 1.0339 at 1.3862.