EURUSD has been ranging for the past several hours. We just recently saw a move up to the 38.2% Fibonacci Extension level. Seems as if many traders are jumping aboard the bullish wagon, hoping for the extension higher. We need to have more buying activity (momentum) before we move up higher than this level.
Expected re-tracement down towards 1.10405 as we spot a head and shoulders pattern on the daily chart. Fibonacci level of 0.0% has not been re-tested and this currency has shown weak behavior and has been rallying on the short-side. This will remain bearish until we see a break of the daily resistance at 1.14000.