Blue lines- Fibonacci retracements
EURUSD is trading above 1.10 making new short-term higher highs but also new highs for 2023. Price is trading again above the 50% Fibonacci retracement of the entire decline from January 2921 high. Recapturing the 1.10 is key for the continuation of this upward bounce. Next upside target is found at 1.1260 and the 61.8% Fibonacci retracement. As long as price is above the 1.05 level, bulls will have hopes for a move even higher. Despite the new higher high, the RSI is not making new highs providing a bearish divergence. This is not a reversal signal, only a warning to bulls.
