Corrective Bounce Of EUR/USD Has Completed
Trading is on the downside for support 1.1525, as corrective growth from 1.1300 has completed after meeting strong resistance from 38.2% retracement of 1.2555 to 1.1300 at 1.1779. Pivot points are at: (S1) 1.1712; (P) 1.1755; (R1) 1.1785.
Overcoming of 1.1779 will widen the rise from 1.1300. Break of support 1.1525 will confirm the bearish case and aline a test on minimum 1.1300.
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.