EUR/USD: Stronger Recovery Is Possible

Technical Reports

Stance of trading is neutral for consolidation above temporary low 1.1463. The bounce from 1.1300 has completed at 1.1814. Another fall is not excluded. Pivot points are at: (S1) 1.1486; (P) 1.1518; (R1) 1.1551.

While stronger recovery is awaited, upside of recovery should be bounded below resistance 1.1623. Trading below 1.1463 will bring retest of low 1.1300.

Overcoming of 1.1300 will point out resumption of the downtrend from 1.2555 to 61.8% retracement of 1.0339 to 1.2555 at 1.1186. Correction from 1.1300 could have completed at 1.1814 after hitting 38.2% retracement of 1.2555 to 1.1300 at 1.1779. Break of 38.2% retracement of 1.2555 to 1.1300 at 1.1779 will pave the way to retest 1.0339. Hitting of 1.1814 will widen the correction from 1.1300.