Downside Breach In EUR/USD
The pair is limited inside of consolidation pattern from 1.1509. Trading remains neutral. Break of 1.1574 minor support will indicate a downside breach and lead to repeat test of 1.1507/9 support area. Following pivot points include:(S1) 1.1555; (P) 1.1612 (R1) 1.1641.
Sustained breach of 1.1507 minimum will extend deeper downtrend from 1.2555 through 50% retracement of 1.0339 to 1.2555 at 1.1447. If further recovery occurs, 1.1851 resistance would bound upside and cause restoration of decline.
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.