Bounce Of EUR/USD Extends

Technical Reports

Trading is on the upside for further growth to 55 day EMA (now at 1.1617), as break of 1.1549 minor resistance indicates a short term bottoming at 1.1431. Pivot points are at: (S1) 1.1483; (P) 1.1515; (R1) 1.1550.

While stronger bounce is awaited, upside of recovery should be bounded by resistance zone 1.17799/1814. 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.