After a downfall, this pair seems to take rebound from initial level because of technical reasons. Here Fibonacci retracement is applied from the dip (1.0347) to peak (1.2536), through which Price is getting support of the retracement level at 1.1186 of 61.8%. As per applied technical studies, This EURUSD pair is likely to revive and will probably test targets which are mentioned below.
We know that Simple moving average of 200 Period has a powerful role in technical studies, we see price action took support earlier and likely to take support of this moving average. On the other hand, Relative Strength Index (RSI) Oscillator of 14 Period is at 48 and showing beautiful and clear bullish divergence in this weekly chart. This is like “cherry on the cake”.
Forecast- Traders can take position from Initial price levels for the target of 1.2000 and next target will be 1.2500. Any close below 1.1100 will negate the view.