Pair’s trading tone stays neutral. EUR/USD met support from 1.2302 and recommenced. Over 1.2396, the increase from 1.2214 will extend towards 1.2475 and to 1.2555. The key resistance area of 1.2516/55 will assess longer-term projection. Following pivot points include: (S1) 1.2290; (P) 1.2334 (R1) 1.2370.
Under 1.2302, trading will turn up on the downside to 1.2214 support. Strong breach in that area will indicate rejection from the key fibonacci level of 1.2516 and the forecast will become bearish.
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.