EUR/USD's Recoil In Progress
Pair’s recoil is progressing. Trading is cautiously on the upside. Another rally is expected. Following pivot points include: (S1) 1.1692; (P) 1.1730 (R1) 1.1781.
1.1851 level should bound upside and end the consolidation pattern. Under minor support of 1.1679, trading will turn up on the downside to repeat test of 1.1507 minimum.
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.