Deeper Fall in EUR/USD

Technical Reports

The pair lacks some upside impulse from the 4 hour MACD. Corrective increase from 1.1509 might be resuming. 1.1995 resistance should bound upside and cause restoration of decrease. Following pivot points include: (S1) 1.1768; (P) 1.1804 (R1) 1.1837.

Breach of 1.1713 minor support will expand deeper decline from 1.2555 through 1.1509 to 50% retracement of 1.0339 to 1.2555 at 1.1447.

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.