Corrective Pattern Creation In EUR/USD
Pair’s trading stays neutral. EUR/USD aligned 1.1529 support. Breach in that area will confirm ending of recoil. In that case, trading will turn up on the downside to repeat test of 1.1300 minimum. Following pivot points include: (S1) 1.1519; (P) 1.1584; (R1) 1.1619.
If further increase occurs, firm resistance would align 38.2% retracement of 1.2555 to 1.1300 at 1.1779 and bound upside. Price dynamic from 1.1300 is creating a corrective pattern.
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.