FX.co ★ Short-term technical view on EURUSD

EURUSD at the end of the week is lower than the previous week but not close to its weekly lows. Price has tested recent lows and important support at 1.2050 but did not break it. Price has bounced back above 1.21 giving hopes to bulls.

Green line - support (broken)

The green support trend line was broken and price moved to 1.2050 for a test. Support at 1.2050 held. Price is now back testing the broken support trend line and the red resistance trend line at 1.2160. Bulls need to break above 1.2160 towards 1.22 and higher. If this does not happen next week I believe that we will most probably see another rejection at resistance and reversal lower below 1.2050. Key trend support is at 1.2050. If bulls fail to hold 1.21 then the chances of breaking 1.2050 will increase.