EUR/USD: Downtrend Resumption Is Expected

Technical Reports

Trading is neutral for consolidation, as a temporary low was formed at 1.1335. Trading below 1.1335 will aline key support 1.1300. Pivot points are at: (S1) 1.1350; (P) 1.1384; (R1) 1.1406.

Overcoming of low 1.1300 will resume whole downtrend from 1.2555 to fibonacci level 1.1186. Hitting of resistance 1.1498 will widen the consolidation from 1.1300 with another growth towards 1.1814.

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 1.1814 will delay the bearish case and extend the correction from 1.1300 with another rise before completion. Hitting of 1.1300 will resume the downtrend from 1.2555 to 61.8% retracement of 1.0339 to 1.2555 at 1.1186.