EUR/USD Tests 50% Fibonacci Resistance At 1.16

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The EUR/USD continued to move higher and is now approaching the 50% Fibonacci retracement level, which is a new bounce or break spot.

The EUR/USD break above the 50% Fib could see price move towards the 61.8% whereas a bearish bounce and breakout could see start a retracement.

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The EUR/USD is probably close to completing a wave 5 (green) of wave A (blue) but a price could extend the wave 5 to higher Fib levels. A break below the channel support line (blue) could see price move lower and test the Fibonaccisupport levels of wave B (blue).