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20.11.2023 06:19 PM
Blue lines- Fibonacci retracement levels
EURUSD is starting the week on a positive note as price is approaching 1.0950 and the 61.8% Fibonacci retracement level. Short-term trend remains bullish as price continues making higher highs and higher lows. The RSI has just reached overbought levels. As we mentioned in previous posts and specifically when price jumped from 1.07 to 1.0890, there was more upside to be expected. Price paused at the 50% Fibonacci retracement and is now continuing its advance towards the next major Fibonacci resistance level. At the 61.8% retracement we usually see trend reversals or at least an important pause to the current trend. At 1.0958 is the 61.8% retracement and we expect to see a big battle around it between bulls and bears.
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