EURUSD has broken short-term resistance and as expected from our previous analysis it has reached very close to our 1.1160 target. However resistance is strong there and an initial rejection is being witnessed. If however bulls manage to end the week around 1.1160 or higher, this would be a bullish sign.

EURUSD has reached very close to October highs but got rejected and is pulling back. Support is found at 1.1050-1.1040. Breaking below this area will put 1.10 in danger. On the other hand if price closes at the end of the week near the highs, next week we could see more upside above 1.12. The reversal at the 61.8% Fibonacci level has played out nicely so far. It is important for bulls to see price make higher highs and higher lows in order to remain in control of the trend.