Deeper Downtrend In EUR/USD

Technical Reports

The pair is limited inside consolidation from 1.1509. Trading remains neutral. If stronger recommencement occurs, 1.1851 resistance would bound upside and draw restoration of decline. 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.