EUR/USD's Sideway Trading

Technical Reports

Pair’s rally from 1.2214 is extending. Trading is still on the upside to the resistance area of 1.2475/2555. Firm resistance from that place will cause further decrease and boost the sideway trading. Following pivot points include: (S1) 1.2312; (P) 1.2345 (R1) 1.2387.

Under the minor support of 1.2302, trading will turn up on the downside to 1.2214 level.

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.