Range Trading In EUR/USD
Trading tone remains neutral, as the pair is staying inside a range of 1.1267/1472. The pair’s bounce was limited below resistance 1.1472. Pivot points are at: (S1) 1.1323; (P) 1.1383; (R1) 1.1416.
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. Break of 1.1472 will indicate a medium term bottoming. In that case, the pair’s forecast will become bullish for resistance 1.1814. 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.