Recovery In EUR/USD
Trading tone remains neutral, as the pair recovered ahead of support 1.1267. The pair’s near term forecast will remain bearish as long as resistance 1.1472 keeps. Pivot points are at: (S1) 1.1258; (P) 1.1316; (R1) 1.1362.
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 and confirm this bearish case. The pair should drop through 1.1186 fibonacci level to 61.8% projection of 1.2555 to 1.1300 from 1.1814 at 1.1038.
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.