Resistance Region in EUR/USD
The corrective increase from 1.1509 should be progressing. Sustained resistance from 1.1822/1995 resistance region will bound upside and draw a decline restoration. Under the minor support of 1.1617, EUR/USD will align repeat test of 1.1509 minimum. Following pivot points include: (S1) 1.1655; (P) 1.1700 (R1) 1.1740.
Breach of 1.1509 will expand the fall from 1.2555 and head towards 50% retracement of 1.0339 to 1.2555 at 1.1447. Breach will align 61.8% retracement at 1.1186.
There has been a rejection from 38.2% retracement of 1.6039 to 1.0339 at 1.2516. A medium term top has been created at 1.2555. The fall is expected to extend for 61.8% retracement of 1.0339 to 1.2555 at 1.1186 and lower. While 1.1995 resistance is present, the drop from 1.2555 will be considered to be progressing.