Bottoming In EUR/USD

Technical Reports

Pair’s breach of 1.1610 minor resistance indicates bottom formation at 1.1529. The consolidation pattern from 1.1509 is progressing. Trading is cautiously on the upside. Firmer increase might align 1.1745 resistance. Following pivot points include: (S1) 1.1562; (P) 1.1586 (R1) 1.1622.

1.1851 level should bound upside and cause a downtrend restoration. Sustained breach of 1.1507 key support will extend 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.