EURUSD continues to trade just above 1.12 while we see some short-term reversal signs as price is trying to break out and above the short-term bearish channel. Trend remains bearish both in the short and medium-term.
Green line - support
Blue lines - short-term bearish channel
EURUSD shows signs of a reversal. No confirmation yet. Short-term resistance is at 1.1260 and as long as we remain below it, short-term trend remains bearish. Medium-term trend remains bearish as long as we trade below 1.14 and the red resistance trend line. Downside target as long as we remain in bearish trend is at 1.1140. EURUSD is trading around the 78.6% Fibonacci retracement of the entire leg up from 1.1175 to 1.1448. This might be the last line of defense for bulls before we see below 1.12 again.
The material has been provided by InstaForex Company - www.instaforex.com
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