FX.co ★ Short-term analysis on EURUSD

EURUSD is trading at 1.1615 having made a low yesterday at 1.1591 just below the 50% Fibonacci retracement of the recent upward move from 1.1525. Resistance at 1.1670 remains key, where we saw price make a triple top. This is also the major 38% Fibonacci retracement level of the decline from 1.1910.

Black lines - Fibonacci retracement levels

EURUSD is bouncing off the 1.1590 low where we find the 50% retracement. Breaking below 1.1590 will open the way for a move lower towards the next two Fibonacci retracement levels at 1.1580 and 1.1555. Bulls need to break the triple top resistance at 1.1670 in order for bulls to move higher towards 1.1717.