EURUSD is bouncing off the 1.1070 support area and the line in the sand for our bullish scenario. Bulls have stepped in and are pushing price higher. But nothing is clear yet. There is lots of work to be done by bulls and first to recapture 1.1130.
Black line - support trend line
Red line -RSI resistance
EURUSD is bouncing towards 1.11. The RSI is still below the resistance trend line. This tells me that bulls are not out of danger yet. Bulls need to continue moving higher and recapture the short-term resistance at 1.1130. If the RSI resistance breaks to the upside this would support at least the short-term bullish trend. Support remains key at 1.1060-1.1070. This is our line in the sand. Below this level we turn bearish.