In our latest EURUSD analysis we pointed out when price was trading at 1.1820 that it was right above key short-term support and traders better prefer bullish positions as the risk is low relative to the potential reward. After one day price has reached as high as 1.1893, while now trading at 1.1872.
Blue lines – bullish channel
EURUSD continues making higher highs and higher lows in the short-term. Price remains inside the bullish channel. We could see a pull back over the next 12 hours towards 1.1850 where we find channel support. Resistance is at 1.19. Breaking below 1.1850 could push price lower towards 1.1820-1.18 again. Traders better take profits from yesterday’s short-term positioning and wait for a pull back towards 1.1850 to see how price reacts to the support. A bounce off the support (lower channel boundary) would be a bullish sign.
The material has been provided by InstaForex Company – www.instaforex.com
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