Temporary Bottom in EUR/USD
There has been a break of 1.1822 support. Still, pair’s trading stays on the downside. The fall from 1.2555 is extending towards the medium term fibonacci level of 1.1708. Following pivot points include: (S1) 1.1793; (P) 1.1866 (R1) 1.1912.
Breach will align 1.1553 support. Breach of 1.1995 resistance should confirm temporary bottoming. Even if EUR/USD recovers, the forecast will stay bearish.
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.