EURUSD has made no real progress today. After the break out above the trend line resistance, EURUSD is mostly moving sideways around 1.1585-1.1620. EURUSD's consolidation if broken to the upside could lead to a move towards 1.17.
Blue line- resistance (broken)
EURUSD has the potential to reach the 38% Fibonacci retracement level at 1.1675. Having broken above the trend line resistance and with such a bullish RSI divergence, it is totally justified to see a bounce higher towards that level. That is why in previous posts we noted that we prefer to be neutral if not bullish at these levels because of the high chances of bouncing higher.
