EURUSD is trading above 1.10 but below the key resistance of 1.11. In previous posts we noted that bulls need to defend 1.09 and only below 1.09 we would turn bearish again. However bulls will also need to show some signs of strength. Such a sign would be the break of the 1.11 resistance.
EURUSD has so far retraced almost 50% of the entire decline from 1.1495. Price is mostly trading around the 38% Fibonacci retracement. This is important resistance area. Our next upside target is at the 61.8% level at 1.1225. A daily close above 1.11 will activate this target for us.
