EUR/USD Fibonacci Resistance TestEuro / U.S. DollarFOREXCOM:EURUSDFOREXcomEUR/USD has put in a fast reversal over the past week following the 1.1400 test ahead of the NFP report on Friday. But the true test of trend is what happens in the counter-trend backdrops, so the question now is whether EUR/USD bulls can push through a key area of resistance that's come back into play. At 1.1686 is the 76.4% retracement of the 2021-2022 major move. I've looked at that setup a few times in these pieces, and notably that Fibonacci sequence has shown a number of inflections and turns. Back in 2023, the 61.8% marker caught the highs. Last year, for a large portion of the year, the 38.2 and 50% levels marked a range. And then earlier this year, as parity calls were aplenty around EUR/USD, it was the 23.6% retracement that came into play in January to hold the low, with a higher-low and February which led to a strong reversal in March. So much for parity, eh? Well since then the Fibonacci retracement has continued to illustrate interest and most recently it's been the 78.6% and 76.4% retracements. The high for today so far is right at that 76.4% marker and while bears haven't exactly taken control yet, given the support test in the US Dollar, there appears to be open framework for at least a pullback, and if that can show, perhaps there could be more. For USD-weakness I still think Cable (GBP/USD) is a more attractive vehicle but for EUR/USD, bears need to drive through 1.1560-1.1593 to illustrate greater control. Along the way there's shorter-term supports at 1.1663 and 1.1632. - js