EUR/USD Dips Lower
Trading is on the downside for low 1.1300, as drop from 1.1814 resumed after brief consolidation and reached minimum 1.1463. Pivot points are at: (S1) 1.1430; (P) 1.1513; (R1) 1.1562.
Overcoming of minor resistance 1.1593 will point out a short term bottoming. The pair’s forecast will stay cautiously bearish in case of recovery.
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.