EURUSD is trading around 1.1287 after back testing the broken red trend line resistance. Bouncing off the broken resistance trend line will be a bullish sign. As long as price is above 1.1228 I expect EURUSD to continue higher towards our 1.1440 target.
Red line - expected path
EURUSD so far has retraced 61.8% of the rise from 1.1228 to 1.1355. There are increased chances of an upward reversal from current levels. Resistance is at 1.1355 and breaking above it will increase the chances of reaching 1.1440 which was our initial target. Bulls do not want to see price fall below 1.1228. This will cancel the bullish short-term scenario. This will open the way for a move to new weekly lows.
