FX.co ★ EURUSD price action analysis.

EURUSD has pulled back as low as 1.2160 after making a high at 1.2244. Price continues to make higher highs and higher lows. Trend remains bullish as price has not given any reversal signal yet and remains inside the bullish short-term channel.

Although there was a warning given by the RSI, there is no confirmation of a top or a reversal yet. Traders need to be cautious. Short-term support is found at the recent low of 1.2160. Breaking below it will be the first sign of weakness. However in order to call for a bigger reversal, EURUSD will need to exit the bullish channel first. Traders need to be cautious in case price breaks the first support level at 1.2160.