Last week we could observe solid increases in the main currency pair. The EURUSD rate reached the resistance zone at 1.2150, which is marked with the 78.6% Fibonacci retracement, as well as lows from February 2018. Should we see a successful break above, then upward move may accelerate towards another Fibo retracement, i.e. the level of 1.2340. However, if buyers do not manage to break above it, the downward correction may start.
EURUSD interval W1. Source: xStation5
Looking at the lower timeframe, the pair bounced off from the support level at 1.2080. The zone marked in green results from the lower limit of the 1: 1 structure and earlier price reactions. Only negation of this support could lead to a deeper pullback towards the 1.2000 level.
EURUSD H1 interval. Source: xStation5
