FX.co ★ EURUSD rejected once again near upper trading range boundary

EURUSD tried earlier to push above 1.09 resistance. As we noted in our last analysis, EURUSD is mostly moving sideways between 1.09 and 1.08. Today bulls were unable to break resistance and the rejection near 1.09 brings price back to mid 1.08.

Red lines - trading range

EURUSD is still inside the consolidation range. However price according to signals from the 4 hour and Daily charts continue to support the bearish scenario for a move towards 1.06 and lower. Trend might be neutral as price moves sideways the last couple of sessions, but down trend for the Daily chart has not changed.

Blue line - short-term support

Our bearish medium-term view for a move below 1.06 has not changed as the recent highs in EURUSD are each time lower and lower. Confirmation of our scenario will come with the break below 1.0760.