Temporary Bottom In EUR/USD

Technical Reports

The pair fell to 1.1437 minimum. Firm breach of 1.1507 support indicates restoration of deeper downtrend from 1.2555. Trading turned up on the downside. USD/JPY hit 50% retracement of 1.0339 to 1.2555 at 1.1447. Following pivot points include: (S1) 1.1495; (P) 1.1558 (R1) 1.1590.

61.8% at 1.1186 should be aligned. Breach of 1.1627 resistance should confirm temporary bottoming. The forecast will stay bearish.

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.