EUR/USD: Deeper Fall Is Possible
Trading is on the downside for support 1.1525, as fall from 1.1814 continues. Deeper drop is possible to retest 1.1300. Pivot points are at: (S1) 1.1565; (P) 1.1608; (R1) 1.1648.
Break of support 1.1525 will confirm completion of the corrective rise from 1.1300 at 1.1814. Trading above minor resistance 1.1650 will become neutral for recovery. Upside should be limited below 1.1814.
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.