FX.co ★ EURUSD makes major double bottom

EURUSD was quiet nervous today as price opened above 1.10, fell as low as 1.0926 and then closed near 1.1063. With a double bottom at 1.0926 and a big positive daily candlestick, bulls look ready to break the resistance.

Yellow rectangle - support double bottom

EURUSD is still below the blue trend line resistance. As long as this is the case then price is vulnerable to turning lower. Breaking above the resistance trend line will be a very bullish signal for EUR and could push price above 1.12-1.13.

EURUSD is challenging the 1.1080-1.1090 resistance area. This is where we also find the kijun-sen (yellow line indicator). A daily close above the kijun-sen will push price towards the cloud resistance at 1.1150. Support by the tenkan-sen (red line indicator) at 1.10.