FX.co ★ EURUSD bulls unable to continue higher

EURUSD showed some signs of strength yesterday by approaching the recent high at 1.1990 and the 38% Fibonacci retracement. However this bullish momentum was short lived as price got rejected and is now back at 1.1920.

EURUSD is still below the 38% Fibonacci retracement. As we mentioned in previous posts, in order for EURUSD to reach 1.2060-1.2090 we need to see it break above 1.1990. Support is at 1.1880. Breaking below this level will increase chances of breaking below 1.1835. Bulls still have some hopes of a move higher as long as price is above 1.1880. At current market conditions it is preferred to be neutral and wait and see if price breaks 1.1990 or 1.1835.