Black lines- Fibonacci retracement levels
EURUSD is trading around 0.9980. Price reached 0.9910 earlier today but price is bouncing again. As long as price holds above 0.9910, bulls have hopes for a bigger bounce. The decline from 1.0368 could very well be complete, so there are chances we see a bigger bounce towards 1.0080-1.0190. So far price has retraced only 23.6% of the entire decline. If bulls manage to push price above 1.0012, we could see a stronger move higher towards at least the 38% Fibonacci retracement at 1.0080. As we said in a previous post, EURUSD remains technically in a bearish trend but there are signs that justify a trend reversal. However as long as price is below 1.0285, we consider each bounce as a selling opportunity.
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