EURUSD is trading at 1.1960 after briefly moving above 1.1990. In our previous posts we were expecting the bounce in EURUSD to continue higher towards 1.20-1.2050. Price has come very close to this important resistance area and the next couple of sessions will be critical for the trend of the next month. EURUSD remains inside the bullish short-term channel since the low of 1.17.
Red line – major resistance
Red rectangle – bounce target area
Blue lines -short-term bullish channel
EURUSD as we said above continues to make higher highs and higher lows inside the bullish channel. Support is at 1.1925-1.1935. Short-term trend will remain bullish as long as price is above this level. Breaking below this level and exiting the channel will most probably lead to a deeper pull back towards 1.18. With the RSI not confirming the latest new higher high in price, we have a bearish divergence warning signal. Bulls need to be cautious as this bounce could have already been complete.
The material has been provided by InstaForex Company – www.instaforex.com
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