EURUSD: Rejection at 1.067 is a Buying Opportunity

The EURUSD broke through the 1.080 resistance level quickly, but was just as quickly rejected and closed below the level, returning to the channel it was previously moving in. I expect the price to retest the resistance at 1.080 before falling to the strong monthly support level at 1.067, where it coincides with the 61.8 Fibonacci and the 100 and 200 moving averages on the 4-hour chart. Below it is an annual uptrend line, so any rejection at this level would be a buying signal.

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