On the other hand, bears see the bullish advance of the last five days as a bull flag in a bear trend and are willing to short near the 1.1700-1.1730 area. A bull breakout above the level might lead to bear capitulation and a move towards 1.1854, the 38.2% Fibonacci retracement from the mid-April-May bear move.
EUR/USD Daily Forecast - 6 July
- Thursday, Jul 05 2018
EUR/USD had virtually no reaction following the release of the FOMC meeting minutes. EUR/USD has retraced 61.8% from daily low to high suggesting that some investors who missed the bull breakout in early Europe might be buying near those levels.