Fall In EUR/USD Has Completed

Technical Reports

Trading is on the upside for resistance 1.1621, as break of resistance 1.1421 indicates completion of the fall from 1.1814 at 1.1302, ahead of key support 1.1300. Pivot points are at: (S1) 1.1335; (P) 1.1379; (R1) 1.1455.

Overcoming of low 1.1300 will resume whole downtrend from 1.2555 to fibonacci level 1.1186. Price moves from 1.1300 are considered as a consolidation. Upside should be bounded by 1.1814. Downtrend resumption is not excluded.

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.