FX.co ★ Technical analysis of EURUSD

EURUSD moved as high as 1.1770 but bulls were not strong enough today to break above the downward sloping trend line resistance at 1.1785. Price is back near the Daily lows and this is not a good sign.

EURUSD has resistance at 1.1785-1.18. Support is at 1.1660. Price is very close to key resistance. As long as price is below this key resistance we prefer to take short-term bearish bets for a move towards 1.16 and lower. Breaking above 1.1785-1.18 will open the way for a move towards 1.19. Currently we continue to consider this bounce as a pause to the bigger pull back we see coming towards 1.15.