EUR/USD Daily Outlook
Pair's breach of 1.2205 key support indicates reversal. There has also been a rejection from the key fibonacci level of 1.2516. Trading is on the downside. Following pivot points include: (S1) 1.2173; (P) 1.2207 (R1) 1.2227.
Stable trading under 1.2205 will align 38.2% retracement of 1.0339 to 1.2555 at 1.1708. Over 1.2354 minor resistance, EUR/USD will turn up on the upside by heading towards repeat test of 1.2555 maximum.
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.