EURUSD recently made a low at 1.0945 and then a high at 1.1185 yesterday. Since then price has pulled back and retraced 618% of this upward move. In the near term there are increased chances of a reversal to the upside by taking into consideration that price has broken above a key short-term resistance as we mentioned in previous posts.

Until the end of the day when trading ends for the week, there are increased chances that EURUSD will turn around to the upside. Intraday support is found at the 61.8% level at 1.1035. I expect price to bounce off that support level. Overall our expectations remain bullish as long as price is above 1.0945. We consider this pull back as a buying opportunity as long as price is above 1.0945. We continue to expect to see EURUSD towards 1.12-1.1250 where we find the upper boundary of the medium-term bearish channel.