EURUSD got rejected at the 1.1260 level where we find the upper channel boundary resistance. Price has now pulled back towards short-term support of 61.8% Fibonacci retracement of the last leg higher from 1.1112.
At 1.1170 we find important short-term Fibonacci support. At 1.1220 we find resistance and breaking above it will open the way for a move towards 1.1260 and the major red trend line resistance. Bulls need to reverse trend to the upside and place a higher low. This will increase the chances of breaking above 1.1260-1.13 and reversing medium-term trend. On the other hand, bears will need to keep prices below 1.1270 and the pair will eventually fall towards 1.11 or lower.
