The EUR/USD pair has bounced strongly from 1.1530 as it did not violate the 1.1507 low from June 21st. EUR/USD bounced towards the 61.8% Fibonacci retracement that shows signs of rejection. It is important for the EUR/USD bulls to continue making higher highs and higher lows in order for the trend to change to bullish.
Blue rectangle - resistance area
The EUR/USD pair has reached the resistance area of 1.1660. Trend remains bearish as long as the price is below 1.1720. A break above 1.1720 will be very bullish sign as we will have higher highs and higher lows on a daily basis. Support at 1.1510 is critical. A break below it will open the way for a move to at least 1.1450. Short-term support is at 1.16-1.1610. Resistance is at 1.1680. As long as we trade below 1.1680-1.1720, I prefer to go short and reverse to long if we break resistance.
