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Blue lines- Fibonacci retracement levels
EURUSD is trading above 1.08. Price has broken above the 38% Fibonacci retracement level and is moving closer to the 50% Fibonacci retracement level. As we mentioned in previous analysis, short-term trend remains bullish as price continues making higher highs and higher lows. EURUSD is boosted by buyers today after the US inflation data was announced. Short-term support is found at recent low at 1.0656 and as long as we trade above this level, we expect EURUSD to continue higher. The RSI continues making higher highs and higher lows and has not yet reached the overbought levels. Over the coming days we expect EURUSD to continue higher towards the 61.8% Fibonacci retracement level at 1.0960.
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