Violet lines- Fibonacci retracement levels
EURUSD is trading around 1.0680. Short-term trend is showing reversal signals. The decline from 1.1033 is most probably over. Price has started making higher highs and higher lows. Minimum expectations for this upward bounce is the 38% Fibonacci retracement at 1.0725. Support is found at 1.0566 at today's lows. Bulls do not want to see a push below this level. That would be a bearish sign. If EURUSD breaks above the 38% retracement, we should expect price to push even higher towards the next major Fibonacci retracement level.
