Recovery In EUR/USD

Technical Reports

Stance of trading is neutral for recovery. A temporary low was formed at 1.1463. Another fall is not excluded. Pivot points are at: (S1) 1.1470; (P) 1.1507; (R1) 1.1550.

Upside of recovery should be bounded below resistance 1.1623. Overcoming of 1.1463 will point out widening of the fall from 1.1814. In that case, the pair would be retest low 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.