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EUR/USD rallies into Fibonacci resistance
EUR/USD has been gaining ground since Friday’s low, with the price rallying into the $1.1703 Fibonacci resistance this morning. Given the rally above $1.1727 in the past, there is a potentially bullish story coming into play.
However, we would need to see a break above $1.1852 to provide greater confidence of such a move. A rally above the near swing high of $1.1758 would provide a cue that we could be heading back towards the $1.1852 high. Until then, we could see a continue drift lower in accordance with the weakness seen since Monday’s $1.1791 high.