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EUR/USD outlook: Break of key Fibo barrier adds to strong bullish stance
Bulls are fully in control and extend advance on Wednesday to test levels last traded in early January. Tuesday’s 0.63% rally closed above important Fibo barrier at 1.2197 (76.4% of 1.2349/1.1704) generated fresh bullish signal, with today’s probe through 1.2242 (Feb 25 spike high) confirming strong bullish stance and bringing in focus 2021 high at 1.2349 (Jan 6). Bullish technical studies on daily chart support the action with adjustments on overbought conditions expected to offer better opportunities to re-join bullish market. Broken Fibo resistance at 1.2197 reverted to initial support, followed by previous ... (full story)