EURUSD rose through fresh swing highs around 1.0750-60 on Monday before finding resistance. The entire zone between 1.0750 and 1.0800 is potential resistance as marked with the previous high close to 1.0800. The currency pair is most likely to change trends from the above zone in the near term. Aggressive traders might continue to hold short positions.
EURUSD has hit both projected targets of the previous rally in September-October 2022 as marked in the red here. The single currency pair hit the Fibonacci 1.618 extension at 1.0758 and might reach 1.0800 briefly before turning lower again. The projected targets are towards 1.0400 and 1.0130-50 levels in the next few trading sessions.
EURUSD is supported at 1.0520 as the bears prepare to take that out in the near term. A drag lower will confirm that a meaningful top is in place around 1.0750-60 and that prices are up for a pullback. Also, note that the Fibonacci 0.618 retracement of the entire rally between 0.9535 and 1.0750-60 is seen passing through the 1.0130 mark, which should be viewed as strong medium-term support.
Trading idea:Potential bearish turn against 1.0900
Good luck!