FX.co ★ Short-term technical analysis on EURUSD

EURUSD is bouncing off channel support. Price continues to respect recent lows. There is no interruption in the higher highs and higher lows sequence yet. As long as this sequence is confirmed, we remain bullish.

Red rectangle -resistance area

Blue rectangle - horizontal support

Green lines- bullish channel

EURUSD is bouncing off 1.11. Bulls need to recapture the 1.1170-1.1190 resistance area in order to hope for a move towards 1.13-1.14. Short-term trend remains bullish as long as price is above 1.1085. Short-term resistance is also found at 1.1205. Breaking above this level will increase the chances of seeing 1.13 and higher.The RSI is not overbought and with a slight upward trend. All this indicates that a move higher is more probable.