EURUSD reversed from the major support for the second time after the US dollar extends the overnight recovery and its continuing range from 1.03660 – 1.02550. Industrial Production in the broader Euroland expanded 2.4% in the year to June, surpassing initial consensus. In the later New York session, Price Index and Consumer Sentiment Index is eyed for a momentum.
As of writing EURUSD is trading slightly below 1.03000 at the 50% Fibonacci Level and it is expected to reach the 61.8 Fibonacci level in the upcoming new week at the support 1.02550 for the Bulls to conquer the market. Entry at 1.02600 with a minimum risk at 1.2400 is expected to reach the resistance 1.03660. On the other side, EURUSD have to Break and Retest below 1.02550 to continue its drop to the next support 1.01220.
