EUR/USD Turned On The Downside
Pair’s recommencement from the temporary bottom of 1.1822 might have finished at 1.1995, while moving towards 38.2% retracement of 1.2413 to 1.1822 at 1.2048. Trading turned up on the downside to repeat test of 1.1822 level. Following pivot points include: (S1) 1.1903; (P) 1.1950 (R1) 1.1975.
Breach should extend the intact fall from 1.2555 and align a medium term fibonacci level of 1.1708. If further recommencement occurs and correction is progressing, 1.2048 will bound upside and cause a drop restoration.
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 is progressing.