EUR/USD's Impulse Weakened

Technical Reports

Pair’s impulse weakened as 1.2396 level from 4 hour MACD has been hit. Trading became neutral. Another lift is expected if the minor support of 1.2302 is present. Following pivot points include:(S1) 1.2344; (P) 1.2369 (R1) 1.2393.

Over 1.2396, EUR/USD will head towards 1.2475. Breach will align 1.2555 key resistance. The pair remains inside of diapason trading pattern from 1.2555. Breach of 1.2302 minor support will push trading to the downside towards 1.2214.

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.