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The EURUSD is approaching some interesting Fib levels as of late. On the daily chart it can be see that the pair has received a bit of selling pressure at the 76.4 fib.
However, there are some other factors that give a different picture. The level at 1.1112, which marks both the 61.8 Fib as well as Daily Resistance, was recently breached. In fact the Daily chart does not show any selling activity in that area at all. Aside from significant resistance being broken, the Weekly chart also suggests that risk favors the upside. Or at the very least, a reversal candle on the weekly would need to be seen before considering the short side.
However, there are some other factors that give a different picture. The level at 1.1112, which marks both the 61.8 Fib as well as Daily Resistance, was recently breached. In fact the Daily chart does not show any selling activity in that area at all. Aside from significant resistance being broken, the Weekly chart also suggests that risk favors the upside. Or at the very least, a reversal candle on the weekly would need to be seen before considering the short side.
