FX.co ★ EURUSD bounces challenging key resistance area.

EURUSD has formed a higher low yesterday at 1.1725 and is now bouncing towards key resistance area. As long as price is above 1.1725 bulls have hopes for a break above 1.18 and a move towards 1.19.

Blue line- short-term support trend line

Green rectangle - higher lows

EURUSD continues to make higher lows. We wait to see if it makes a higher high. Support is at 1.1725. Breaking below it will open the way for a move towards 1.1670-1.16. Resistance is at 1.1770-1.18. Breaking above this level will open the way for a move towards 1.19. Short-term trend remains bullish after the bottom at 1.1612 and as long as price makes higher lows.