EURUSD made a high today at 1.1669. Price reached earlier today the 38% Fibonacci retracement level of the entire decline, which was our initial bounce target, after the bullish break out above the downward sloping trend line.
Black lines - Fibonacci retracements
EURUSD remains in a short-term bullish trend. Our bullish signal was given when price broke the blue trend line to the upside. Our target was the 38% Fibonacci retracement. Price got rejected at its first attempt to break above the 38% Fibonacci level. Support is at yesterday's lows at 1.1572. As long as this level holds, bulls have hopes for more upside towards our next target of 1.1716.
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