EUR/USD: Bounce Is Not Excluded

Technical Reports

Trading is on the downside to 261.8% projection of 1.2475 to 1.2214 from 1.2413 at 1.1730. The pair continues to lose downside impulse. Following pivot points include: (S1) 1.1816; (P) 1.1857; (R1) 1.1891.

Stronger bounce is not ruled out. Overcoming of minor resistance 1.1938 will point out a short term bottoming. Some support could be seen around 1.1708/30 to bring a bounce.

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. There is a possibility of hitting 61.8% retracement at 1.1186 before completing the fall.