FX.co ★ EURUSD short-term technical analysis.

EURUSD reached our target of 1.19 by making a high at 1.1909. As we mentioned in our last EURUSD analysis, a pull back from current levels was justified. Price has pulled back towards 1.1855, without breaking out of the bullish channel.

Blue lines - Fibonacci retracements

Black line- bullish channel

EURUSD continues trading inside the bullish channel. Trend remains bullish. Price continues to respect the channel boundaries. Price got rejected at the 38% Fibonacci retracement which was our initial bounce target. Breaking below and out of the channel is justified in order to make a bigger pull back towards 1.18-1.1750. Breaking above the 38% Fibonacci retracement and staying above it, is key for price to continue higher towards 1.1965.