EUR/USD: Recovery Is Awaited

Technical Reports

Trading is on the downside for 200% projection of 1.2475 to 1.2214 from 1.2413 at 1.1891, considering minor resistance 1.2008. The pair continues to lose downside impulse. Following pivot points include: (S1) 1.1914; (P) 1.1955; (R1) 1.1999.

Trading above minor resistance 1.2008 will point out a temporary bottoming. In that case, trading will become neutral for consolidation. The pair’s next target is 261.8% projection at 1.1730.

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.