EUR/USD's Sideway Consolidation

Technical Reports

Pair’s trading stays neutral. Sideway consolidation from 1.1509 is extending. If further recommencement occurs, 1.1851 resistance would bound upside and draw a drop restoration. Following pivot points include: (S1) 1.1631; (P) 1.1648 (R1) 1.1675.

Strong breach of 1.1507 minimum will prolong deeper downtrend from 1.2555 through 50% retracement of 1.0339 to 1.2555 at 1.1447.

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.