Range Trading In EUR/USD

Technical Reports

Trading is neutral, as the pair is limited in a range of 1.1267/1472. Trading below 1.1267 will back to the downside for low 1.1215. Pivot points are at: (S1) 1.1361; (P) 1.1381; (R1) 1.1415.

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.