FX.co ★ EURUSD once again unable to stay above 1.2135.

EURUSD bulls made another run today towards 1.2175 but sellers stepped in again and price is turning lower. In the past six out of 7 sessions when price moved above 1.2140, sellers stepped in and pushed price lower.

Green rectangle- support

Yellow rectangle - selling pressures

As can be seen in the Daily chart above, bulls find important selling pressures inside the area of the yellow rectangle. This is a sign that bulls are not strong enough to recapture 1.2150 and move towards 1.22. Trend remains bullish but this is a worrying sign that traders should not ignore. If price continues lower and breaks below 1.21, we should not be surprised if we see EURUSD move closer to the green rectangle area at 1.1960.