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EUR/USD moving into Fibonacci resistance
EUR/USD has continued its ascent, with the pair continuing to create new intraday highs following yesterday’s rally through $1.0685. Current resistance is being provided by the $1.0710 level (January 2016 low), with the pair looking likely to continue its ascent.
However, there are two ways of looking at this. One is that we have seen a bottom for the pair, coming at the lower bounds of a two-year range. With that in mind, there is a possible resurgence on the cards for a move back into the $1.1500 region as we saw in 2016. Conversely, we are moving into the 70% and 76.4% retracement, which could cap the recent resurgence and send the pair lower once more.
The rising wedge we are currently seeing points towards the potential for such a pullback. However, until we negate the creation of higher highs and higher lows, the first scenario continues to look a possibility.