EUR/USD’s Recoil Progression
Pair’s recoil from 1.2154 is extending. Trading is on the upside to repeat test of 1.2555 maximum. The corrective makeup of decline from 1.2555 for 1.2154 suggests expansion of deeper rally. Following pivot points include: (S1) 1.2347; (P) 1.2384 (R1) 1.2440.
Strong breach of 1.2555 and long term fibonacci level of 1.2516 will draw stronger bullishness. Under 1.2268 minor support, trading will turn up on the downside to 1.2154 level.
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.