EURUSD as expected made a pull back towards 1.1280 yesterday but it still remains inside the short-term bullish channel. Price is now challenging once again the upper boundary of the bearish medium-term channel.
Green rectangle - major support area
Red line - upper boundary of bearish medium-term channel
Black line - major resistance trend line
EURUSD made a pull back yesterday but it is still trading above 1.13. Price is challenging once again the channel resistance. Support is at 1.1270 and resistance at 1.1310. Price continues to make higher highs and higher lows and if this continues, we could see price move towards 1.1350 and above this week. Breaking below 1.1250 would be a bearish sign.
The material has been provided by InstaForex Company - www.instaforex.com