EUR/USD on the rise again following retracement
The EUR/USD rise seen throughout this week appears to be back on the cards today, following a pullback to the 38.2% Fibonacci retracement at $1.0962. Typically trending markets will switch between deep retracements (i.e. the 61.8% Fibonacci retracement pullback on Wednesday) and shallow ones (should $1.0962 hold).
Given the bullish response to the massive $1.0819 level, I do expect us to see further upside to come. The inability to continue posting new highs and higher lows would mean the writing is on the wall for a return to $1.0819, which if broken would lead to a projected target of $1.017. For now, we do continue to move higher, and I am bullish in the short term as long as the price remains above $1.092 and $1.0869. The next resistance point to the upside is likely to come in around $1.1045.