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EURUSD above key fib level

FX:EURUSD   Euro / U.S. Dollar
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From the daily technical standpoint, EURO’s resiliency is unmatched presently. The weekly bearish outside range left two weeks ago on the back of Emmanuel Macron’s France presidential victory was a classic bear trap. But for our ardent readers, the bullish move wasn’t a surprise as we consistently updated our previous piece. Going forward, we expect the EURO to be supported on dips. Presently, price closed above the 61.8% Fib level of the 1.1461 high to the low of 1.0340. On dips, 1.1130 should provide some base for the next leg higher towards 1.1342 (78.6% Fib as shown in the chart above). Only a breach of 1.1100 will bring a deeper correction.

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