Correction In EUR/USD Has Completed

Technical Reports

Stance of trading is neutral for consolidation, but another fall is not excluded, considering minor resistance 1.1549. Correction from 1.1300 has completed at 1.1814. Pivot points are at: (S1) 1.1459; (P) 1.1494; (R1) 1.1529.

While stronger recovery is awaited, upside of recovery should be bounded below 1.1814. Running fall from 1.1814 should bring a test on low 1.1300. Trading above minor resistance 1.1549 will indicate a short term bottoming and bring lengthier consolidation.

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.