EUR/USD’s Choppy Fall

Technical Reports

Considering the choppy fall from 1.2475, the pair is sticking over the minor support of 1.2285. Trading remains neutral. Over 1.2475, EUR/USD will head towards a test of 1.2555 maximum around the key long term fibonacci level of 1.2516. The reversal is possible in that area. Following pivot points include: (S1) 1.2264; (P) 1.2342 (R1) 1.2386.

Firm breach will suggest bullishness. Under the minor support of 1.2285, trading will turn up on the downside to 1.2154 and even lower.

Key fibonacci level at 38.2% retracement of 1.6039 to 1.0339 at 1.2516 stays resilient. 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.