EURUSD has reversed its bearish trend right at the 61.8% Fibonacci retracement level. The low at 1.0990 is critical for the medium-term trend. As long as price is above this level we could see more upside even towards 1.13. If however this level is broken I expect prices to continue much lower.
Red line -first bullish target
EURUSD is moving higher. Price has formed a higher low at 1.0990 and bulls need to defend this level. Bulls need to see price making higher highs and higher lows in order to achieve their first target which is at 1.13. First important resistance that must be broken is at 1.11. Next is at 1.1180. Breaking above 1.1180 will increase dramatically the chances of reaching 1.13. If however price bounces towards 1.11 and then breaks below 1.10, traders should expect at least a move towards 1.0950 if not towards 1.0850.
