EUR/USD Recovers After Fall

Technical Reports

Trading is neutral with focus on resistance 1.1472. The pair recoiled strongly after hitting 1.1267. Trading below 1.1267 will back to the downside for low 1.1215. Pivot points are at: (S1) 1.1290; (P) 1.1341; (R1) 1.1417.

Overcoming of resistance 1.1472 will complete a head and shoulder bottom pattern (ls: 1.1302; h: 1.1215; rs: 1.1267). That will indicate a near term trend reversal and bring stronger growth back to resistance 1.1814.

The downtrend from a medium term top 1.2555 continues 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.