EUR/USD Stuck In Consolidation
The pair is sticking inside of consolidation from 1.1509. Another increase is expected while the consolidation is progressing. 1.1851 level should bound upside and cause a downtrend restoration. Following pivot points include: (S1) 1.1579; (P) 1.1604 (R1) 1.1634.
Firm 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.