FX.co ★ EURUSD expectation to pull back remains

As we explained in our last analysis, EURUSD is showing short-term overbought signs and at least a short-term pull back is expected. EURUSD has given us very bullish signs over the previous sessions by recapturing 1.13-1.1350 resistance.

EURUSD is showing short-term reversal signs. I expect EURUSD to continue its pull back towards the red rectangle support area and the 38% Fibonacci retracement of the last leg higher. Price could even fall towards the 61.8% Fibonacci retracement in order to form a higher low before continuing higher towards 1.17 which is our medium-term target. We remain bullish EURUSD.