03.10.201920:47 Forex Analysis & Reviews: EURUSD continues higher reaching our short-term target

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EURUSD is making higher highs and higher lows in the near term. Price broke above the 1.0940 resistance and has easily reached our first target and then some more. Price is now trading 1.0980 after reaching the 50% Fibonacci retracement of the last leg down.

Red rectangle - resistance (broken) now support

EURUSD is making higher highs and higher lows in the 1 hour chart as shown above. Price should continue higher as long as price is above the red rectangle area which is now support. Next target is the 61.8% Fibonacci retracement level and if we see it broken we should expect price to move towards the next important Fibonacci level of 78.6%. In case price breaks below support (red rectangle) we should expect to see bears challenge the 2019 lows.

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