The EUR/USD has almost transverse Yellow channel indicating sideway consolidation that EUR/USD has been trapped-in within this week. However the Violet channel is steeply bearish due to yesterday's quick bearish movement from 1.2695 down to 1.2520.
Now we can notice that EUR/USD has been able to break the upper limit of the Violet channel after failure to fixate below the lower limit of the Yellow channel at 1.2525 which indicates a possible bullish movement towards 1.2650.
Price Level 1.2650 constitutes a strong Intraday Resistance Level for EUR/USD as it corresponds to the mid-line of the Yellow channel and previous broken Support Level where the price action should be watched for a valid bearish opportunity.
The current short-term view for the EUR/USD remains bullish as long as the pair is trading above 1.2510 with TP at 1.2650.
Mohamed Samy is taking part in the "Analyst of the Year" award organized by MT5.com portal. If you like his article, please vote for him.
Analytical expert: Mohamed Samy
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