EUR/USD: Corrective Bounce Has Completed

Technical Reports

Trading is on the downside for key support 1.1300, as break of minor support 1.1353 indicates completion of the corrective bounce from 1.1302 at 1.1499. Pivot points are at: (S1) 1.1329; (P) 1.1388; (R1) 1.1423.

Hitting of 1.1499 will renew the recoil from 1.1302 to resistance 1.1621. Overcoming of key support 1.1300 will indicate resumption of the downtrend from 1.2555 to fibonacci level 1.1186.

Price moves from 1.1300 are corrective and break of that level will resume the downtrend from 1.2555 to 61.8% retracement of 1.0339 (2017 low) to 1.2555 at 1.1186 next. Sustained break there will pave the way to retest 1.0339. If the consolidation from 1.1300 extends, upside should be limited by 1.1814 and 38.2% retracement of 1.2555 to 1.1300 at 1.1779.