EUR/USD: Deeper Fall Is Not Excluded

Technical Reports

Trading is neutral for consolidation. Still, further fall is expected while minor resistance 1.1421 keeps. Trading below 1.1335 will aline key support 1.1300. Pivot points are at: (S1) 1.1289; (P) 1.1325; (R1) 1.1350.

Overcoming of low 1.1300 will resume whole downtrend from 1.2555 to fibonacci level 1.1186. Hitting of resistance 1.1421 will indicate a short term bottoming. In that case, trading will be turned back to the upside for resistance 1.1621 and above.

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.