The price action of the EURUSD started developing a new uptrend after a breakout from the major Bullish Pennant at the dip of the preceding downtrend.
The first target would be the 38.2 per cent Fibonacci retracement level at 1.13812. This threshold was recently crossed by the 200-day MA (in orange), making it a more prominent turning point. That is where a minor bearish correction could emerge from.
The first target would be the 38.2 per cent Fibonacci retracement level at 1.13812. This threshold was recently crossed by the 200-day MA (in orange), making it a more prominent turning point. That is where a minor bearish correction could emerge from.
