Eurusd failed to hold above 38.2% retracement line, which still is very strong resistance for the price. You can see it on daily chart. Fibonacci retracement lines are drawn for the swing from October 27th to January 13th.
Eurusd daily chart
Buyers may still attack this line, but it won’t be easy. Let’s have a closer look at current action. We can draw retracement lines from February 6th to February 9th. 61.8% retracement line works as a support for now. It is still a good place for bulls to start buying.
Eurusd daily chart (closer look)
There is also a bad scenario when price will fail to break above recent high (from October 9th). Any close below recent low from February 6th and 50 Moving Average means troubles for bulls.
I think that both scenarios are possible. I look for my entry points on lower time frames, but daily chart is my guide in this case. I marked this blue resistance line. Close above that line should encourage bulls to go long even stronger.
4hour Eurusd chart
