EURUSD is trading around 1.13 after making a low at 1.1186 on November 24th. Price is trading around the 61.8% Fibonacci retracement of the entire rise in EURUSD from 1.0635 to 1.2348.
Blue lines - bearish channel
Red lines- Fibonacci retracement
At 61.8% Fibonacci levels we usually see trend reversals. The decline was paused around this area and price is bouncing. Price remains inside the blue medium-term bearish channel. The upper channel boundary and key resistance is found at 1.1450. Breaking above this level and staying above it, will increase the chances that a major low was made on November 24th. In the short-term we continue to expect price to move higher towards 1.14-1.1450.
