EUR/USD Mildly On The Upside
Pair’s trading is slightly 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 lead to short term reversal. Following pivot points include: (S1) 1.1569; (P) 1.1603; (R1) 1.1664.
Strong breach of 1.1529 will argue that the corrective recoil from 1.1300 has finished. In that case, trading will turn up on the downside to repeat test of 1.1300.
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.