During yesterday’s session, I issued a trade recommendation for the EUR/USD. We did not get a shot at the key Fibonacci retracement level, but price action seems to be headed towards entry. Let’s take a look at today’s technical roadmap for this market.

EUR/USD Technicals

Monday’s set of Fibonacci levels remain intact on the daily timeframe. The failed auctions above last Friday’s high has delayed the election of this trade.

EUR/USD, Daily Chart

Here are the key topside resistance levels: 

• Resistance(1): 38% retracement of current bear run, 1.1674

• Resistance(2): 50% retracement of current bear run, 1.1705

• Resistance(3): Bollinger MP, 1.1759

Currently, the EUR/USD is trading near 1.1655. The daily price action is bullish, so our short level of 1.1674 is likely to come into play later on in the U.S. session.

For the complete trading plan for the EUR/USD, check out Monday's recommendation. As always, trade smart and for tomorrow!