EUR/USD: Recovery Goes On

Technical Reports

Trading is neutral for consolidation above temporary minimum 1.2054. Following pivot points include: (S1) 1.2049; (P) 1.2093 (R1) 1.2124.

The pair’s next target is 200% projection at 1.1891. Trading below 1.2054 will aline 161.8% projection of 1.2475 to 1.2214 from 1.2413 at 1.1991. Upside should be bounded by support turned resistance 1.2214.

A medium term top should be formed at 1.2555. Deeper fall is possible to 38.2% retracement of 1.0339 to 1.2555 at 1.1708. Overcoming of support 1.2154 points out rejection by 38.2% retracement of 1.6039 to 1.0339 at 1.2516