EUR/USD: Medium Term Bottoming Is Possible

Technical Reports

Trading tone remains neutral, as the pair is staying in a range of 1.1267/1472. Break of 1.1472 will indicate a medium term bottoming. In that case, the pair’s forecast will become bullish for resistance 1.1814. Pivot points are at: (S1) 1.1328; (P) 1.1371; (R1) 1.1420.

Overcoming of 1.1267 will aline low 1.1215. Hitting of low 1.1215 will resume larger downtrend from 1.2555 for fibonacci level 1.1186. Deeper decline is not excluded, while resistance 1.1472 keeps.

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.