It is seldom that we see moves like the one we have seen in the EURUSD with out a retrace. Mean Reversions happen in markets and FIBO levels act as important PIVOTS for price accumulation and a change in direction. The fundamental framework favors the USD. There is a more hawkish stance form the central bank (FED vs ECB) and it seems the US is in a stronger position. But most of these factors are well known, and probably factored into the price. Now one piece of SURPRISE DATA or a change in narrative could send the EURUSD higher in a scramble.
The Level has held 2 times now, with the market trying to break lower and 1.1290 acting as a magnet and support. It remains to be seen whether or not the break will finally happen. Being long EUR risking the RECENT LOWS offers higher convexity, than chasing it lower, at this point, from this juncture. A correction could take the cross to 1.1450 – 1.1460.