FX.co ★ Technical analysis of EURUSD

EURUSD has bounced off the 1.16 level and has so far reached 1.1760. However this bounce could very well be just a relief bounce before the next sell off. Today we identify the key support and resistance levels that will give us more information of the coming trend.

EURUSD is in bearish short-term trend as long as price is below the red downward sloping trend line resistance. This resistance is now at 1.18. Support is found at today's low at 1.1685. If support is broken on a daily basis then we should expect 1.16 to be challenged once again with high chances to be broken. If price follows our plan and gets rejected at the resistance, then our next downside target is 1.15 and it is confirmed with a break below 1.16.