EUR/USD has broken above short-term resistance at 1.1370 and has reached our second bounce target area as shown in previous posts. Short-term trend remains bullish as price continues to make higher highs and higher lows.
Black line - RSI support trend line
Blue rectangle - second target area
Green line - support
Red line - major resistance trend line
EUR/USD is approaching the 61.8% Fibonacci retracement and the red downward sloping trend line resistance. This was our target area from low 1.13s. Traders should keep a close eye on the RSI support trend line. As long as the RSI is moving above it, the uptrend remains intact. Price is now approaching major resistance. A break above 1.1410-1.1425 will open the way for a test of the 1.1515 highs made at the end of January.
The material has been provided by InstaForex Company - www.instaforex.com
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