EURUSD as expected from last week, we were warned by the short-term reversal signs, is approaching our short-term target of 1.12. Medium-term trend remains bearish as long as price is below 1.1350.
Red rectangle - short-term support
EURUSD is moving higher making higher highs and higher lows. Price reversed short-term trend after touching our lower wedge boundary at 1.1115 as mentioned in previous posts. EURUSD is moving towards our first target area of 38% Fibonacci retracement of the latest decline. Major resistance is at 1.13-1.1350 area and as long as we remain below this level any bounce is considered selling opportunity.
The material has been provided by InstaForex Company - www.instaforex.com