EUR/USD Price Analysis: Bulls eye 61.8% Fibonacci retracement above 1.1800

• EUR/USD stays mildly positive around intraday high of 1.1834.
• Tuesday’s break of five-week-old trend line directs the bulls to the key Fibonacci retracement.
• Overbought RSI conditions may trigger pullback to 1.1810 support confluence.

EUR/USD takes the bids near 1.1830, up 0.11% intraday, during the early Wednesday. The pair gained upside momentum after clearing a falling trend line from September 15 the previous day. However, overbought RSI conditions challenge the bulls.

As a result, traders require an upside break of Tuesday’s high of 1.1840 to attack 61.8% Fibonacci retracement of the September month’s downside, near 1.1860.

In a case where EUR/USD bulls remain positive beyond 1.1860, the 1.1900 threshold and September 10 peak surrounding 1.1920 can be their favorites.

On the flip side, a joint of the short-term rising trend line and 50% Fibonacci retracement near 1.1810 can offer immediate support to the pair during its pullback.

However, any downside below the previous resistance line, at 1.1800, can recall the short-term sellers targeting the monthly support line, currently around 1.1710.

EUR/USD four-hour chart

Trend: Pullback expected