FX.co ★ EURUSD pulls back towards important Fibonacci retracement

EURUSD has pulled back towards 1.13 as expected and explained in our past analysis. EURUSD could continue lower towards 1.1260 before it resumes its up trend. As long as price is above 1.1250 bulls will remain in control of the trend.

Green line - major support trend line

EURUSD is trading right inside the red rectangle target area and just above the 38% Fibonacci retracement level. We expected this move lower and we were not surprised. Short-term trend remains bearish with potential to see 1.1260-1.1280. As long as price is above 1.1250 we remain medium-term bullish. Resistance is found at 1.1360-1.1390. Breaking above this level will open the way for a move to 1.15.