EUR/USD Will Recoil

Technical Reports

The decline from 1.2091 is extending towards 38.2% retracement of 1.0569 to 1.2091 at 1.1510 if the whole 1.1689 resistance stands. Sustained support from that place will cause a recoil. Following pivot points include: (S1) 1.1554; (P) 1.1585 (R1) 1.1616.

Decisive breach of 1.1510 will head towards further support area of 1.1118/1267. Breach of 1.1689 resistance will indicate near term top formation. If EUR/USD recovers, prognosis will stay bearish.
