Bullish candlestick formation in EURUSD
EURUSD today made a new short-term lower low at 1.1738 breaking below the key short-term support at 1.18-1.1750. The break down was short lived as bulls stepped in and have pushed price back to the daily highs and into positive territory.
Blue lines – bullish channel
Pink line – support
Red line – resistance
EURUSD has broken out of the bullish channel. However price has bounced off the 1.1750 support trend line and is trying to get back inside the channel. Today’s candlestick pattern confirms the strength by bulls at the area of 1.1750-1.18. Bears need to break below this area on a daily closing basis. Bulls on the other hand need to break above the resistance at 1.1880 in order to increase chances for a move towards 1.21.
The material has been provided by InstaForex Company – www.instaforex.com