FX.co ★ Eurusd stops upward move at major Fibonacci resistance

Although EURUSD made new higher highs today at 1.1908, price has significantly pulled back since then and is now below 1.18. As we explained in previous posts this is important resistance area and I do not expect it to be broken immediately.

The 61.8% Fibonacci retracement is important resistance. It is was expected that the parabolic upward move would stop there. I expect next week to see a deeper pull back towards 1.17. This is the most probable scenario. The bullish trend remains intact.