EUR/USD Remains Limited In a Recent Range

Technical Reports

Trading is still neutral, as the pair stays in a range of 1.1723/1814. Pivot points are at: (S1) 1.1734; (P) 1.1763; (R1) 1.1796.

Break of 1.1779 will widen the corrective growth from 1.1300 to 100% projection of 1.1300 to 1.1733 from 1.1525 at 1.1958. Overcoming of minor support 1.1723 will point out rejection by 38.2% retracement of 1.2555 to 1.1300 at 1.1779. In that case, trading will back to the downside for support 1.1525.

The pair was rejected by 38.2% retracement of 1.6039 to 1.0339 at 1.2516, but a medium term bottom should be in place at 1.1300, on bullish convergence condition in daily MACD. Consolidation is awaited. The decline from high 1.2555 will renew after consolidation completes. Trading below 1.1300 should send the pair through 61.8% retracement of 1.0339 to 1.2555 at 1.1186.