EUR/USD bounces through Fibonacci level
EUR/USD has managed to gain a significant amount of ground this week, with the pair rallying through a number of short-term resistance levels. We have seen the pair pass through the 76.4% retracement, only to seemingly find it as new support overnight.
A break through $1.0655 would have significant wider considerations, bringing the potential for a longer lasting push higher for the pair. Considering that this rally is coming from an attempted breakout below $1.0462 on the longer term charts, the bearish short-term view is somewhat negated. Despite this 76.4% retracement looking like a potential short, there is a clear story building on a potential longer term recovery for the pair. As such, it is worth waiting to see if we can break above $1.0655 to dictate the state of play.