EURUSD has resumed its pullback or counter trend rally after printing 1.1950 lows last Friday. The counter trend is expected to complete either around 1.2100/10 zone or could extend up to 1.2200/30 levels. The single currency is seen to be trading around 1.2105 levels at this point in writing and might find enough resistance to turn lower.
It is not highlighted here but EURUSD is just testing the fibonacci 0.618 retracement of the recent drop between 1.2190 and 1.1950 levels respectively. If a bearish reaction/signal is established in the next few hours, EURUSD could be well underway towards 1.1800 and 1.1600 levels from here. Immediate resistance is seen around 1.2190, followed by 1.2350 mark, while support is seen at 1.1950 levels respectively.
On the flip side, if bulls manage to push beyond 1.2190 levels EURUSD could reach up to 1.2200/30 levels before hitting resistance again. In both scenarios presented here, EURUSD could remain vulnerable to fresh lows towards 1.1600 levels in the weeks to come. It remains to be seen if bears manage to take control from current levels or from 1.2200/30 zone.
Remain short, add more @ 1.2200/30, stop @ 1.2400, target is 1.1600 at least.
The material has been provided by InstaForex Company – www.instaforex.com
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