FX.co ★ EURUSD is at major Fibonacci resistance

EURUSD has made an impressive upward move the last couple of weeks. Looking at the chart we see a parabolic like upward move from 1.08 to 1.18. Price has now reached important Fibonacci retracement resistance levels.

At the 1.1810 we find the 61.8% Fibonacci retracement level of the decline from 1.2510 to 1.0650. This Fibonacci retracement level is important resistance level and we usually see trend reversals. With price having made so far an impressive upward move, almost vertical, it is very likely to see price make at least a pause at the 1.18 area and pull back towards 1.17 at least. Bulls need to be cautious as it is very risky now to enter new long positions. This does not mean that someone should open short positions either. Because trend remains bullish and there is no sign of reversal. Yet. Taking profits or staying neutral is best choice currently.