EUR/USD's Intact Resistance
Pair’s trading is now neutral to consolidation over 1.1762. As long as the intact 1.1995 resistance stands, short term forecast stays bearish and another fall is likely. Following pivot points include: (S1) 1.1770; (P) 1.1804 (R1) 1.1831.
Under 1.1762, the drop from 1.2555 will extend to the medium term fibonacci level of 1.1708. Breach will head towards 1.1553 support.
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 considered to be progressing.