FX.co ★ EURUSD technical analysis

EURUSD is trading around 1.2085 having made a high at 1.2115 and a low at 1.2060. Price is very close to key trend line resistance and is also very likely we see the formation of a right hand shoulder in a head and shoulders bearish pattern. Eurusd bulls remain in control of the trend as price continues making higher highs and higher lows.

Blue line - support

EURUSD has resistance at 1.2120-1.21 and support at 1.2060-1.2010. The upside potential is limited while the downside is bigger. A break below 1.2060-1.2010 would be the first sign of weakness and the start of a pull back that could bring price between 1.1850-1.17. If 1.17 fails to hold, we expect price to move towards 1.13-1.10. Concluding, although price remains in bullish trend, I prefer to be neutral and wait for a weakness sign to turn bearish.