EURUSD is trading around 1.09. Short-term trend is still bullish as price continues making higher highs and higher lows and at the same time respecting the blue upward sloping channel it is in. So far price has retraced 50% of the decline from 1.2348. If price continues in this bullish trend, we could see EURUSD testing the long-term downward sloping resistance trend line around 1.15-1.16. Channel support is at 1.07. As long as price is above this level, bulls remain in full control of the short-term trend. So far there has been no sign of a reversal or end of the upward wave that started at the September low of 0.9536.
The material has been provided by InstaForex Company – www.instaforex.com
Red line- resistance trend line
blue lines- bullish channel
Violet lines- Fibonacci retracement levels
EURUSD is trading around 1.09. Short-term trend is still bullish as price continues making higher highs and higher lows and at the same time respecting the blue upward sloping channel it is in. So far price has retraced 50% of the decline from 1.2348. If price continues in this bullish trend, we could see EURUSD testing the long-term downward sloping resistance trend line around 1.15-1.16. Channel support is at 1.07. As long as price is above this level, bulls remain in full control of the short-term trend. So far there has been no sign of a reversal or end of the upward wave that started at the September low of 0.9536.
The material has been provided by InstaForex Company – www.instaforex.com
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