EUR/USD's Consolidation To Extend
Pair’s trading stays mildly on the downside. Breach of 1.1574 minor support suggests a downside break and downtrend restoration. Larger decline should align a repeat test of 1.1507 support. Following pivot points include: (S1) 1.1549; (P) 1.1580 (R1) 1.1599.
Breach should prolong deeper downtrend from 1.2555 through retracement of 1.0339 to 1.2555 at 1.1447. Over the minor resistance of 1.1610, a bearishness will be muted and consolidation from 1.1509 will resume with further recoil.
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.