EURUSD is pulling back and trading around 1.1640. Price recently got rejected at the 1.1670 price level where important Fibonacci resistance was found. Price remains in a short-term bullish trend. EURUSD is expected to resume its upward move and eventually break above 1.1670.
Black lines - Fibonacci retracement levels
Blue line- support trend line
EURUSD is making higher highs and higher lows. It is important for the bulls to defend the blue trend line and stay above it. Resistance is at the 38% Fibonacci retracement and recent high. Breaking above this level is expected to happen over the coming days, as long as price holds above 1.16. In the near term we could see price move lower towards the blue trend line and test it. I expect this trend line to hold and price to resume its up trend. Breaking above 1.1670 would be a new bullish signal and will give me 1.1717 as the next target.
