EURUSD was expected to pull back towards 1.1250-1.1230 area for a back test of the break out. The wedge break out now seems like a fake one unless we see a sharp reversal to the upside starting on Monday.
Red lines - wedge pattern
Green rectangle - support area
EURUSD has broken back inside the wedge pattern and below my green support area. Price has reached the 61.8% Fibonacci retracement of the rise from 1.1107 to 1.1347. This is the last stand for bulls. The 61.8% Fibonacci level if it holds, should provide the basis for the next leg higher that should push price towards 1.17. Breaking below this level and staying below 1.1240-1.1260 will increase the chances of moving lower below 1.12 and will put the 1.11 low in danger. Bulls need to step in now and support price. Otherwise bears will take control of the trend once again.
