EURUSD is trading at 1.1930. In our last analysis we mentioned a possible short-term bullish scenario that could bring price to 1.2060 area. Price now remains below the key short-term Fibonacci retracement resistance. Bulls need to break above this resistance level in order to hope for a bigger bounce.

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Black lines – Fibonacci retracement levels

Red lines -Fibonacci extension targets

EURUSD so far has retraced all the way to the 38% level. In order to reach the 100% extension target of 1.2060 bulls need to break above last week’s high at 1.1990. Breaking above it will open the way for a move towards 1.2060-1.2085. Support is found at 1.1910 and next at the recent major low at 1.1835. As long as price is below 1.21 it is vulnerable to making a new major low.

The material has been provided by InstaForex Company – www.instaforex.com

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