As expected and shown by our latest analysis on EURUSD, price was expected to pull back towards 1.1350-1.1330 at least. This is shown by the red rectangle in the following chart. Yesterday and today price touched this target area.
EURUSD has entered the red rectangle area which is support and bulls pushed prices higher once again. I was expecting a move towards the 38% Fibonacci retracement but price so far has only managed to back test the previous highs at 1.1350-1.1330 which is now support, previously resistance. I believe we could see another leg lower towards 1.13 before the up trend resumes. Medium-term trend remains bullish.
