FX.co ★ Short-term bullish view for EURUSD

EURUSD got rejected at the 38% Fibonacci retracement resistance we noted yesterday. Price made a higher low and shows signs of an upward resumption of the trend. This makes us expect a move towards 1.2060 for the beginning of next week.

Price might have got rejected at the 38% Fibonacci level but the pull back did not threaten the recent lows at 1.1835. Instead price made a higher low and I believe that the upside bounce is not finished yet. I expect for the start of next week to see price reach the area between the 50% and 61.8% Fibonacci retracements. As long as price is above 1.1909 I expect EURUSD to reach higher levels.