EURUSD got rejected at the 1.1260 level where we find the upper channel boundary resistance. Price has now pulled back towards short-term support of 61.8% Fibonacci retracement of the last leg higher from 1.1112.
At 1.1170 we find important short-term Fibonacci support. At 1.1220 we find resistance and breaking above it will open the way for a move towards 1.1260 and the major red trend line resistance. Bulls need to reverse trend to the upside and place a higher low. This will increase the chances of breaking above 1.1260-1.13 and reversing medium-term trend. On the other hand, bears will need to keep prices below 1.1270 and the pair will eventually fall towards 1.11 or lower.
The material has been provided by InstaForex Company - www.instaforex.com