EUR/USD's Potential Reversal

Technical Reports

Pair’s trading tone is neutral. The resistance of 1.2396 is aligned. Breach in that spot will extend the lift from 1.2214. EUR/USD will then surpass 1.2475 to key resistance region of 1.2516/2555. Following pivot points include: (S1) 1.2335; (P) 1.2364 (R1) 1.2408.

Breach of 1.2302 minor support will confirm ending of recoil from 1.2214. Trading will turn up on the downside to 1.2214. Choppy breach in that place will suggest trend reversal.

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.