FX.co ★ Short-term technical analysis on EURUSD

EURUSD has reached the upper channel boundary and has stopped its sharp rise. Price is now trading around the 1.1130 resistance area and as we explained in our previous analysis, this is important resistance.

EURUSD is showing rejection signs. Price has reached our second target since this analysis was posted back on February 25th and when price was trading around 1.0850. With the RSI in the Daily chart at overbought levels, bulls need to be cautious and raise their protective stops. Holding above 1.11 will be a sign of strength and could lead to a new higher high towards 1.12.