FX.co ★ EURUSD stuck at the 1.12 resistance

EURUSD has stopped its rise at the 1.12 resistance which was previous support and now resistance. Although price moved a bit higher than 1.12, we are still not confident of this break out.

Blue lines - bearish channel

Black line -upper wedge boundary

Red rectangle - resistance (previous support)

EURUSD is trying to break out of the short-term bearish channel for a move towards 1.13. Price is testing the 1.12 resistance that was once support. A rejection here will open the way for a move back towards 1.10. Short-term support is at 1.1165. Breaking below it will push price towards 1.11 or lower. Resistance is at 1.1210-1.1250. Breaking above it will push price towards 1.13 or higher.