FX.co ★ EURUSD gets rejected at key short-term resistance

In a previous analysis EURUSD has shown us bearish signs by breaking out of the bullish channel. Bulls have tried to push price back inside the channel but price got rejected at key short-term resistance at 1.1860.

Red line - resistance

Pink line - support

EURUSD is now out of the bullish channel, below the pink line support and got rejected at key resistance trend line. Everything points now to a deeper pull back towards 1.1685 and maybe lower towards 1.15-1.1550. As long as price is below 1.1870 we are short-term bearish looking for a move towards 1.16.