EUR/USD’s Signal Level
The pair has formed a short term top at 1.2443 after the 4 hour MACD pushed under the signal level. Trading is now neutral. If 1.2268 minor support is present, another increase is awaited. Following pivot points include: (S1) 1.2381; (P) 1.2413 (R1) 1.2441.
Firm breach of 1.2555 and long term fibonacci level of 1.2516 will suggest 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.