FX.co ★ Short-term bullish channel remains intact in EURUSD

EURUSD is trading around 1.19 and despite being a positive week, there seems to be no profit taking by bulls. This could be bullish for next week as price continues to trade inside the short-term bullish channel.

Blue lines- bullish channel

EURUSD is making higher highs and higher lows inside a bullish channel. Short-term trend is bullish and we expect the start of next week to see price towards 1.1950. Support is at 1.1866 and if price breaks below this level, then we expect to see it close to 1.1790-1.18 next.

EURUSD is bouncing off major Fibonacci support. We expect this upward move to continue over the coming weeks and bring EURUSD towards 1.20-1.21. Then we will see if bulls are strong enough to break the 1.2350 highs for a move higher towards 1.25-1.27. For now we see 1.17 as an important low and we see trend reversing to bullish as price turns higher.