EUR/USD: Range Trading Continues
Trading tone remains neutral, as the pair is staying in a range of 1.1270/1443. The pair’s near term forecast will remain bearish as long as resistance 1.1443 keeps. Pivot points are at: (S1) 1.1313; (P) 1.1336; (R1) 1.1372.
Overcoming of resistance 1.1443 will indicate a near term trend reversal and turn focus back to resistance 1.1814. 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.