EUR/USD's Recovery

Technical Reports

The pair recommenced after touching 1.1529 support. Trading stays neutral. Sustained breach of 1.1529 will confirm ending of the corrective recoil from 1.1300. In that case, trading will turn up on the downside to repeat test of 1.1300 minimum. Following pivot points include: (S1) 1.1532; (P) 1.1580; (R1) 1.1632.

Strong breach should extend deeper downtrend from 1.2555. Over the minor resistance of 1.1627, trading will turn up on the upside to 1.1733 and maybe higher. Firm resistance from 38.2% retracement of 1.2555 to 1.1300 at 1.1779 should bound upside and cause short term reversal.

According to bullish convergence in daily MACD, a medium term bottom should be formed at 1.1300 and some consolidations should occur in near term. There has been a rejection from 38.2% retracement of 1.6039 to 1.0339 at 1.2516, which suggests long term bearish sentiment. Decline from the maximum of 1.2555 should extend after ending of consolidation. Under 1.1300, EUR/USD will surpass 61.8% retracement of 1.0339 to 1.2555 at 1.1186 and repeat test of 1.0339 will be aligned.