FX.co ★ EURUSD vulnerbale to a move below 1.21.

EURUSD continues to trade near 1.2130. Price has been trading around 1.21-1.2145 for the last 5 sessions. The zone at 1.2130-1.2145 is confirmed resistance area and a break above is needed in order for the uptrend to resume towards 1.2180-1.22.

Price is turning lower after another try to break above 1.2145. Short-term support is found at recent low at 1.2080. EURUSD is expected to make another move lower at least towards 1.2050 which is the 50% Fibonacci retracement of the upward move from 1.1950 to 1.2150. For intraday traders current price action favors bearish positions as the risk reward favors bears. The stop for a bearish trade is very close (1.2150) while that for a bullish position at 1.1950.