EUR/USD On The Downside
Pair’s trading is still on the downside. Actual decline from 1.2555 is extending to the medium term fibonacci level of 1.1708. Breach will align 1.1553 support. Following pivot points include: (S1) 1.1763; (P) 1.1808 (R1) 1.1854.
Breach of 1.1995 resistance should suggest temporary bottoming. 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.