FX.co ★ EURUSD respects support and bounces

EURUSD remains inside the medium-term bullish channel. Price came very close to the lower channel boundary and support at 1.1760 today. Today's low around 1.1780 is now a key level. Bulls do not want to see this level broken downwards. Today's candlestick is a bullish one as it shows buying demand around 1.18.

Green rectangle - target area

Pink line - support trend line

EURUSD is bouncing strongly off the pink support trend line. As long as price holds above the 1.1780-1.1760 support we remain bullish expecting 1.21. Price remains inside the channel and so do we remain bullish. Only failure to hold 1.1760 will make us turn bearish for a move towards 1.16