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EUR/USD has rallied above 1.16 and is now trading right below it. Price has reversed to the upside just above our target area of 1.1420-1.14. Price has so far surpassed the 38% Fibonacci retracement of the decline. A pullback towards 1.1550 is probable before more upside at least towards 1.1670.
Short-term support is at 1.1550-1.1530. Resistance is at 1.1630 and next at 1.1670. Short-term trend is bullish. Price has made an important low at 1.1432. Breaking below this level is unlikely but if it happens we should expect prices to fall below 1.14 towards 1.13. Breaking above the 1.1670 resistance will open the way for a move above 1.18.InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.