This past week brought some big breakthroughs for the EUR/USD pair, completing a long-term Fibonacci pattern which started back in March.

After a break and retest of the 161.8 Fib level at 1.4661, the Euro began to climb again to the 200 level at 1.4739. It then returned to the 138.2 level where it found support at 1.4613, and climbed again above the 200 level which has now has been broken and retested as the new support.

If price now breaks the 261.8 level at 1.4865 level and retests it as support, the next likely target would be the at the weekly 200 Fib at 1.5017

If price goes down, look for support at the 1.4739 level once again. If this is broken and retested from underneath as resistance, then the next downside target would be the 1.4661 level.

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