EUR/USD’s Corrective Recommencement

Technical Reports

The pair has recommenced while moving towards 1.2238 support. Trading is on the downside. Corrective recommencement from 1.2154 might have ended at 1.2475. Following pivot points include: (S1) 1.2236; (P) 1.2285 (R1) 1.2318.

Larger fall should align 1.2154 and lower. Breach in that zone will head towards 38.2% retracement of 1.0339 to 1.2555 at 1.1708. If the 1.2344 resistance is present, the forecast remains unchanged.

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.