EURUSD has made a small bounce yesterday from 1.1285 to 1.1331. Price is consolidating above the 61.8% Fibonacci retracement support level. Short-term trend remains bearish after the reversal from 1.14.
Red line - major resistance trend line
Green line - support trend line
Blue rectangle - horizontal resistance area
EURUSD is so far respecting the 61.8% Fibonacci retracement level. This area is important support and a strong bounce from this area is very possible.EURUSD has short-term resistance at 1.1370 and next at 1.14. Breaking above this area will open the way for a move towards 1.15-1.16. Bulls need to hold this support area and start pushing higher to recapture 1.14. On the other hand, bears want to see price bounce and get rejected at 1.1370-1.14. The most probable scenario for me is to see price recapture 1.14 and move towards 1.15-1.16.The material has been provided by InstaForex Company - www.instaforex.com