EUR/USD's Correction

Technical Reports

Pair’s trading tone is neutral. EUR/USD keeps holding inside of established diapason. Breach of 1.1713 minor support confirms conclusion of the correction from 1.1509. Trading should turn up on the downside. In that case, deeper decline from 1.2555 will expand through 1.1509 to 50% retracement of 1.0339 to 1.2555 at 1.1447. Following pivot points include: (S1) 1.1716; (P) 1.1762 (R1) 1.1792.

If further lift occurs, 1.1995 resistance would bound upside and cause reversal.

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.