EURUSD could see 1.17 soon

EURUSD is trading in a short-term bullish trend making higher highs and higher lows. Yesterday and today price has pulled back towards the support trend line at 1.1620 level and so far it seems that bulls have managed to defend it successfully. As long as price is above 1.1620 we remain optimistic that in the near term we will at least see a move towards 1.17 and higher.

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Black lines - Fibonacci retracement levels

Blue line- short-term support trend line

EURUSD has so far retraced 38% of the entire decline from 1.1910. I believe that more upside should be expected and EURUSD could retrace at least the 50% of the entire decline. Resistance is at recent highs of 1.1670. Support is being tested now at 1.1620. At current levels I prefer to be bullish looking for a move at least towards 1.1670. Failure to hold above 1.1620 could bring added weakness to EURUSD with potential target the 1.1580 level.

The material has been provided by InstaForex Company - www.instaforex.com

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