Trend Reversal In EUR/USD

Technical Reports

The pair lacks impulse after touching 1.1790. 4 hour MACD reduced under the signal level. Trading is now neutral. Increase from 1.1507 is viewed as a corrective pattern. Following pivot points include: (S1) 1.1724; (P) 1.1758 (R1) 1.1783.

If further lift occurs, 1.1851 resistance would bound upside and draw trend reversal. Under the 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.