FX.co ★ EURUSD pulls back towards Fibonacci retracement

In yesterday's analysis I mentioned our first pull back target for EURUSD at 1.16. However we also mentioned that in order for price to reach the 38% Fibonacci retracement the short-term support at 1.1740-1.17 area should first break.

EURUSD has started the anticipated pull back. Price has stopped decline right at the first important short-term support. We repeat what we wrote yesterday. If support at 1.1740-1.17 fails to hold, EURUSD will push towards 1.16 which is the important 38% Fibonacci target. We consider the pull back as a buying opportunity.