Trend Reversal In EUR/USD Is Expected
Trading is neutral, as the pair recovered after falling to 1.1358. Trading below 1.1358 should bring retest of low 1.1215. Pivot points are at: (S1) 1.1411; (P) 1.1438; (R1) 1.1482.
Overcoming of 1.1499 will indicate a near term trend reversal and turn forecast bullish for resistance 1.1814. Upside of recovery should be limited below resistance 1.1499. Hitting of ow 1.1215 will resume a medium term downtrend.
The downtrend from a medium term top 1.2555 has just resumed for 61.8% retracement of 1.0339 to 1.2555 at 1.1186 next. Hitting of that zone will aline retest on 1.0339. Overcoming of resistance of 1.1814 will confirm a medium term bottoming.