logo

FX.co ★ A bullish EURUSD scenario

A bullish EURUSD scenario

When EURUSD was trading around 1.10 we noted that important Fibonacci support was found around that level. Also we noted that the 61.8% Fibonacci retracement level of the rise from 1.0879 to 1.1179 was a highly probable reversal level. Prices so far follow this bullish scenario. What is next?

A bullish EURUSD scenario

Orange rectangle - resistance

EURUSD is bouncing higher off important Fibonacci support. Major resistance is found at 1.1180. If the recent low below 1.10 was a major low, then this higher low will lead to a higher high and a bigger upwards reversal. Breaking above the orange rectangle resistance area will open the way for a move towards 1.1290 at least. Bulls do not want to see a lower high or a rejection at the orange resistance area. Support is found at the recent October low near 1.0988. Bears need to break below this level in order to expect new lower lows than 1.0879.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade
Go to the articles list Go to this author's articles Open trading account