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17.03.202121:49 Forex Analysis & Reviews: Dollar weakens, EURUSD bulls target 1.2060-1.2090.

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EURUSD has broken the short-term resistance trend line and has reached once again the recent highs at the 38% Fibonacci retracement at 1.1990. Breaking above this resistance is the most probable scenario. Next we expect EURUSD to reach the 50% retracement at least if not the 61.8%.

Blue line- short-term resistance

Black lines -Fibonacci retracements

EURUSD is bouncing higher after making a higher low at 1.1880. The major low and support at 1.1835 is intact so far. Price is now challenging recent highs and we expect price to break above them for a move towards 1.2060-1.2090. Recent low at 1.1880 if broken cancels this short-term bullish view.

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