EUR/USD Stays Limited In Consolidation
Trading tone is still neutral, as the pair is staying in consolidation from 1.1509. Stronger recovery is not excluded. Pivot points are at: (S1) 1.1682; (P) 1.1711 (R1) 1.1758.
Overcoming of low 1.1507 will renew larger downtrend through 50% retracement of 1.0339 to 1.2555 at 1.1447. While further rise is awaited, upside should be bounded by resistance 1.1851.
A medium term top was formed at 1.2555 already. The decline from 1.2555 won’t complete while resistance 1.1995 keeps. The pair was rejected by 38.2% retracement of 1.6039 to 1.0339 at 1.2516. Fall from that zone should widen to 61.8% retracement of 1.0339 to 1.2555 at 1.1186 and below.