Consolidation In EUR/USD

Technical Reports

Pair’s consolidation from 1.1507 is extending. Another recovery is likely. 1.1851 resistance would bound upside and lead to a drop restoration. Following pivot points include: (S1) 1.1630; (P) 1.1656 (R1) 1.1683.

The deeper fall from 1.2555 should extend. Sustained breach of 1.1507 will push EUR/USD 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.