Blue lines- bullish channel
Black line- neckline support
EURUSD is trading around 1.0886. Price is under pressure today. Price has so far respected the key support neckline and cancelled the bearish Head and Shoulders pattern. At the same time price continues to trade inside the short-term upward sloping channel. As long as price remains inside the bullish channel, bulls remain in control of the trend. So far there has been no sign of a reversal. Upside potential for EURUSD is to make a new higher high above 1.1033. So far price is making higher highs and higher lows. Support is at 1.0714 and at 1.0615. As long as we trade above these two levels, bulls have nothing to fear.