FX.co ★ Short-term technical analysis of EURUSD

EURUSD is bouncing off the support area of 1.1360-1.1380 as we expected from our latest analysis. Trend remains bullish. Price continues to make higher highs and higher lows and that is why we continue to expect a move closer to 1.15.

EURUSD is bouncing strongly off the blue support area. Our next target is at 1.1480 as we mentioned yesterday. Support has been confirmed at 1.1360-1.1380 and as long as we trade above this level new highs are expected. Longer-term trend remains bullish as long as price is above 1.12. Breaking below 1.1360 would open the way for a deeper pull back towards 1.1280. For now this scenario has the least chances. The bullish scenario and a price near and above 1.1480 is the most likely scenario as we explained yesterday.