FX.co ★ EURUSD shows reversal signs

EURUSD is trading above 1.19 today, having broken above key short-term resistance as we mentioned in our last analysis. Short-term trend has changed to bullish as price broke the key short-term resistance. Price has now reached the 38% Fibonacci retracement of the decline from 1.2150. This is important resistance area.

Blue lines -Fibonacci retracement levels

EURUSD is making higher highs and higher lows on an intraday basis. Price is climbing higher and is now challenging key Fibonacci resistance levels. As long as price holds above the red upward sloping support trend line, short-term trend will remain bullish and we could even see price reach 1.2030. Support is at 1.1910.