FX.co ★ EURUSD bullish short-term setup

EURUSD pulled back only towards 1.17 and did not break short-term support. Price is now forming a bullish setup with higher highs and higher lows. This setup can unfold into a bigger move upwards towards 1.20.

Blue rectangle - horizontal support

Green rectangle - higher low

Red rectangle- resistance

EURUSD is bouncing off 1.17 support and is making higher highs and higher lows. Next resistance is at 1.18 -1.1830. Bulls need to recapture this resistance level and stay above it. If this happens I expect to see EURUSD again above 1.19 towards new higher highs above 1.20. This bullish scenario gets canceled if price breaks below the green rectangle low at 1.1720.