Recovery In EUR/USD

Technical Reports

Stance of trading is neutral for consolidation, but another fall is not excluded, considering minor resistance 1.1549. Earlier, the pair fell to 1.1431 but recovered. Pivot points are at: (S1) 1.1449; (P) 1.1476; (R1) 1.1520.

While stronger recovery is awaited, upside of recovery should be bounded below 1.1814. Trading above minor resistance 1.1549 will indicate a short term bottoming and bring stronger bounce back to 55 day EMA (now at 1.1621). Trading below 1.1431 will point out resumption of the fall from 1.1814 to 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.