Trend Reversal In EUR/USD

Technical Reports

Pair’s breach of 1.1679 minor support confirms that corrective lift from 1.1507 has ended at 1.1790. Trading turned up on the downside to repeat test 1.1507. Breach will extend deeper drop from 1.2555. Following pivot points include: (S1) 1.1641; (P) 1.1699 (R1) 1.1734.

EUR/USD might fall through 50% retracement of 1.0339 to 1.2555 at 1.1447 to 61.8% retracement at 1.1186. If further recommencement occurs, 1.1851 resistance should bound upside and draw a trend reversal.

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.