EURUSD is showing signs of a coming bounce at a minimum. EURUSD remains in a bearish medium-term trend inside a bearish channel. This will change to bullish only on a break and weekly close above 1.14. Until then EURUSD is vulnerable to new lows below 1.12.
Red line - major long-term resistance
Green line - major support
EURUSD is showing reversal signs here above 1.12. Short-term resistance is found at 1.1260-1.1280 area. If broken we could see EURUSD move higher towards 1.1340-1.1360. Support is at 1.1210 and next at 1.1185-1.1175. EURUSD is turning upwards and early this week we can expect a bounce towards our first short-term resistance. Bears remain in control of the trend. Bulls will need to recapture 1.14 in order to hope for a longer-term upward reversal.
The material has been provided by InstaForex Company - www.instaforex.com
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