At the New York open the EURUSD has broken out of the 4 hour pennant to the upside and we are now waiting for a break above the previous high at 1.12953 to confirm a bullish bias for today’y New York trading session.
The Fibonacci study of this move shows the EURUSD now testing resistance at the 23.6 retracement level. At the time of writing this article, price has just broken above the 23.6.
The Target for a bullish move today will be the 50% Fibonacci retracement at 1.13500 and the 61.8% Fibonacci retracement level at 1.13762.
Daily R1 is currently providing resistance at 1.1295
To update, we now have a 4 hour higher high two hours into the New York Session….
U.S. Dollar Analyst, FOREX.TODAY