FX.co ★ EURUSD remains inside medium-term bullish channel

EURUSD has been rising inside an upward sloping channel since late April early May when it was trading around 1.09. Price has made a high recently around 1.1965 and has since pulled back towards 1.18. There are bearish divergence signs but as long as price holds above 1.17 we remain optimistic.

If price continues to hold inside the blue upward sloping channel, we should next expect a move towards 1.21. Support and stop for bulls should be around 1.17. Resistance is key at 1.19. Failure to hold above 1.1750 will increase chances of challenging and breaking below 1.17, so this would not be something bulls want to see. On the other hand if bulls manage to recapture and stay above 1.19 we will have made the first step for our next target at 1.21.