EURUSD is trading around 1.1230. Short-term trend remains bullish. Price is trading just below the major Fibonacci retracement at the 61.8% level. Price continues making higher highs and higher lows. Short-term support is found at the red horizontal line which was once resistance. Now this is support at 1.1090. Below that level we find support at 1.0635 low. The RSI is approaching overbought levels but there is no sign of a bearish divergence yet. A pull back towards 1.11 is justified, but the most likely scenario is that price will continue making higher highs and higher lows. The first couple of trading sessions of this week could produce this pull back.
The material has been provided by InstaForex Company – www.instaforex.com
Blue lines -Fibonacci retracement levels
Red line- support
EURUSD is trading around 1.1230. Short-term trend remains bullish. Price is trading just below the major Fibonacci retracement at the 61.8% level. Price continues making higher highs and higher lows. Short-term support is found at the red horizontal line which was once resistance. Now this is support at 1.1090. Below that level we find support at 1.0635 low. The RSI is approaching overbought levels but there is no sign of a bearish divergence yet. A pull back towards 1.11 is justified, but the most likely scenario is that price will continue making higher highs and higher lows. The first couple of trading sessions of this week could produce this pull back.
The material has been provided by InstaForex Company – www.instaforex.com
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