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27.03.202017:46 Forex Analysis & Reviews: Short-term analysis of EURUSD

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EURUSD is pulling back today after reaching our next target of 1.1030 as we explained in yesterday's analysis. Support is now at 1.0960 where we used to have resistance. Price is bouncing off this support and as long as price remains above the trend line support, we could see a move towards our next target at the 61.8% Fibonacci retracement.

Red line - resistance (broken)

Green line - support

EURUSD has reached the 50% Fibonacci retracement. Trend remains bullish. There is no bearish divergence by the RSI so far. No bearish reversal signal or warning so far. However traders should keep in mind that the 61.8% Fibonacci retracement level is a key reversal point. A level where the chances of a reversal and rejection are high. Support is at 1.0960. Breaking below this level will turn trend to bearish again. Until then we remain bullish.

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