Progression of EUR/USD's Recoil
Pair’s recoil from a near term bottom of 1.1822 is progressing. Trading stays on the upside to 38.2% retracement of 1.2413 to 1.1822 at 1.2048. Firm resistance from that area will bound upside and lead to decrease restoration. Following pivot points include: (S1) 1.1897; (P) 1.1932 (R1) 1.1974.
Under 1.1822, the entire fall from 1.2555 will extend and head towards the medium term fibonacci level of 1.1708.
There has been a rejection from 38.2% retracement of 1.6039 to 1.0339 at 1.2516. The fall is expected to extend. Breach of 38.2% retracement of 1.0339 to 1.2555 at 1.1708 will align 61.8% retracement at 1.1186. While 55 day EMA at 1.2179 is present, the drop from 1.2555 will be progressing.