EURUSD bounced from 1.1991 to 1.2112 but bulls were unable to hold price above 1.21. Price has almost retraced 50% of the decline from 1.2242. Short-term support remains at recent lows of 1.1991 and as long as price is above this level there are hopes for a bigger bounce towards 1.2150.
Bulls need to break price above the 1.2112 level for a move towards the major Fibonacci resistance at 1.2150. Recapturing 1.2150 is key for the continuation of the bounce. Failure to defend 1.1990 will open the way for a move below 1.1950 maybe towards 1.17.
