EUR/USD's Decisive Recoil

Technical Reports

The pair has decisively recoiled. Still, it’s holding inside of 1.1507/1851 diapason. Another recommencement is projected. Following pivot points include: (S1) 1.1531; (P) 1.1566 (R1) 1.1604.

Sustained resistance from 1.1851 should restrict upside. Deeper fall from 1.2555 should extend. Strong breach of 1.1507 will resume through 50% retracement of 1.0339 to 1.2555 at 1.1447 to 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 progressing.