Recovery In EUR/USD
Trading is neutral for consolidation, as the pair recovered after forming a temporary low at 1.1504. Deeper drop is possible to retest 1.1300. Pivot points are at: (S1) 1.1507; (P) 1.1544; (R1) 1.1584.
Corrective growth from 1.1300 has completed with three waves up to 1.1814. As stronger recovery to 4 hour 55 EMA (now at 1.1643) is possible, upside should be limited below resistance 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.