EURUSD is trading around 1.1227 after trading as high as 1.1276 earlier today. Price reached the 61.8% retracement level and is now on negative territory. Could this rejection be the start of a pull back. We know that around the 61.8% Fibonacci retracement we usually see trend reversals or at least small pull backs. Technically trend remains bullish as price continues making higher highs and higher lows. The RSI has still not passed above the 70 level, so in the near term there are increased chances we continue to see an upward movement towards 1.13 and higher.
The material has been provided by InstaForex Company – www.instaforex.com
Blue lines- Fibonacci retracement levels
Red line- previous resistance, now support
EURUSD is trading around 1.1227 after trading as high as 1.1276 earlier today. Price reached the 61.8% retracement level and is now on negative territory. Could this rejection be the start of a pull back. We know that around the 61.8% Fibonacci retracement we usually see trend reversals or at least small pull backs. Technically trend remains bullish as price continues making higher highs and higher lows. The RSI has still not passed above the 70 level, so in the near term there are increased chances we continue to see an upward movement towards 1.13 and higher.
The material has been provided by InstaForex Company – www.instaforex.com
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