EUR/USD is near its weekly highs.This bounce from 1.1250 was expected and noted in our previous analysis. 1.13 was our first target area and now we see prices challenge the 1.1350-1.14 area as well. Price remains inside a bearish channel in the medium-term. We remain bearish as long as price is below 1.15.
Green rectangle - short-term support
Blue dots - medium strength support
Dark blue dots - maximum strength support
EUR/USD is heading as we said towards the 61.8% Fibonacci retracement, since we have broken above the 38% Fibonacci level. Short-term trend is bullish as long as price is above 1.1270-1.1260. Longer-term trend remains bearish as price remains inside the downward sloping channel from 1.1620. Bulls will need to break above 1.15 and hold above it in order to regain control of the trend.
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