EURUSD continues to trade near the upper channel boundary resistance at 1.13-1.1330. Short-term trend remains bullish and nothing has changed. Medium-term trend remains bearish as long as price is below 1.1350-1.14.
Green rectangle - major support
Black line - major trend line resistance
Blue lines - short-term bullish channel
EURUSD has made no progress yesterday as it did not manage to break above resistance of 1.1330 and price fell back towards support of 1.13-1.1280. Short-term overbought conditions are being relieved and I believe that we should expect one more leg higher towards the black trend line resistance now at 1.1380. Price continues to trade inside the short-term bullish channel. A break below 1.1270 would be a bearish sign. A break above 1.1320-1.1330 will open the way for 1.1380-1.14. Bulls so far are unable to break above the resistance of the red bearish channel.
The material has been provided by InstaForex Company - www.instaforex.com
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