Daily Pivots: (S1) 1.1668; (P) 1.1701 (R1) 1.1749; More…..
EUR/USD’s rebound from 1.1509 extends higher today and further rise would be seen. But still, it’s seen as a corrective move. Hence, upside should be limited by 1.1822/1995 resistance zone to bring fall resumption eventually. On the downside, below 1.1651 minor support will bring retest of 1.1509 low first. Break will resume the decline from 1.2555 and target 50% retracement of 1.0339 to 1.2555 at 1.1447. Break will target 61.8% retracement at 1.1186 next.
In the bigger picture, current development suggests that EUR/USD was rejected by 38.2% retracement of 1.6039 (2008 high) to 1.0339 (2017 low) at 1.2516. And, a medium term top was formed at 1.2555 already. Decline from there should extend further to 61.8% retracement of 1.0339 to 1.2555 at 1.1186 and below. For now, even in case of rebound, we won’t consider the fall from 1.2555 as finished as long as 1.1995 resistance holds.
