EUR/USD Recommenced

Technical Reports

The pair fell to 1.2154. But, it didn’t manage to break under the key support of 1.2205 and eventually recommenced. Trading state is neutral. Trend reversal is projected if the whole 1.2354 resistance holds. Following pivot points include: (S1) 1.2173; (P) 1.2207 (R1) 1.2227.

Firm trading under 1.2205 will align 38.2% retracement of 1.0339 to 1.2555 at 1.1708. Breach of 1.2154 will push pair to 38.2% retracement of 1.0339 to 1.2555 at 1.1708. Over 1.2354 minor resistance, a repeat test of 1.2555 maximum 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.