EUR/USD's Recoil is Over

Technical Reports

Pair’s trading character is neutral. The minor support of 1.2302 is aligned. Breach in that spot will confirm that recoil from 1.2214 has finished. Trading will turn up on the downside to 1.2214. Following pivot points include: (S1) 1.2307; (P) 1.2327 (R1) 1.2346.

Strong breach should suggest reversal. Over 1.2396, EUR/USD will head towards 1.2475 and higher for the key resistance area of 1.2516/2555.

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.