EUR/USD's Medium Term Top

Technical Reports

Pair’s consolidation from 1.1507 is resuming. Firmer recovery is anticipated. 1.1851 resistance would bound upside and cause restoration of the fall. Deeper drop from 1.2555 should extend. Following pivot points include: (S1) 1.1630; (P) 1.1656 (R1) 1.1683.

Strong 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.