Short Term Bottom In EUR/USD

Technical Reports

Trading is neutral, as a short term bottom was formed at 1.1822. Following pivot points include: (S1) 1.1856; (P) 1.1901 (R1) 1.1960.

While stronger bounce is not ruled out, upside should be bounded by 38.2% retracement of 1.2413 to 1.1822 at 1.2048. Overcoming of 1.1822 will renew the fall from 1.2555 to medium term fibonacci level 1.1708.

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.