EURUSD bulls need to recapture 1.12 – Forex Alchemy

EURUSD bulls need to recapture 1.12 – Forex Alchemy

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forex guide

EURUSD is still holding above its recent low at 1.1094 and this is a good sign. However in the short-term bulls will need to show more signs of strength in order for the pair not to be in danger of breaking below 1.10 again.

Red line – resistance trend line

Blue line -neckline resistance

Yellow rectangle – major short-term support

Blue triangles -possible inverted head and shoulders pattern

EURUSD reached the neckline resistance and got rejected at the short-term resistance of 1.1225. Bulls now face the red downward sloping resistance trend line and the blue neckline. Breaking above the 1.12-1.1225 resistance will open the way for a move towards 1.1285 and 1.1395. Support at 1.10-1.0990 is important. Breaking below it will put the recent major low at 1.1055 in danger.

Concluding, there are some bullish signs but trend remains bearish with major resistance just ahead. In order to confirm that a major short-term low is in, we should see EURUSD break above 1.12-1.1225 and this will turn short-term trend bullish again.

The material has been provided by InstaForex Company – www.instaforex.com

Source:: EURUSD bulls need to recapture 1.12

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