Key Support Level In EUR/USD
Larger decline should align the key support level of 1.1507 as long as the whole minor resistance of 1.1610 holds. Sustained breach in that zone will extend deeper downtrend from 1.2555 through retracement of 1.0339 to 1.2555 at 1.1447. Following pivot points include: (S1) 1.1532; (P) 1.1552 (R1) 1.1574.
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.