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EUR/USD : Short-term trend may be turning in favor of bullish


EURUSD technical perspective, the pair managed to bounce off support marked by the lower end of a short-term ascending trend-channel formation on hourly charts and now seems to have found acceptance above 38.2% Fibonacci retracement level of the 1.1448-1.1184 recent downfall. With technical indicators on the mentioned chart holding in the bullish territory, the positive momentum seems more likely to get extended, further beyond the 1.1300 marks, towards testing a confluence resistance near the 1.1315-20 region – comprising of the trend-channel resistance and 50% Fibonacci retracement level. On the flip side, any meaningful pullback might continue to find some support near the 1.1250-45 region, which if broken might negate prospects for any further up-move and turn the pair vulnerable to aim back towards challenging the 1.1200 round figure mark.

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