FX.co ★ EURUSD forming a double bottom?

EURUSD has broken below 1.1030 which was the 61.8% Fibonacci retracement of the first leg up and has now reached the recent low just below 1.10. Price is hovering around this level and this gives bulls chances of a double bottom formation.

Red line - resistance

Green rectangle - support

EURUSD has bounced towards the red trend line resistance as we expected from our past analysis. Price got rejected and has pulled back towards the recent lows. So far price holds above 1.10 and this is a bullish sign. If bulls manage to hold above it, then we could see another bounce towards 1.11 or higher. I prefer to be bullish as long as we do not see a clear break below 1.10-1.0990.