FX.co ★ EURUSD short-term analysis

EURUSD is making new short-term higher highs and is now trading above 1.2210. Price is in a bullish trend as price continues making higher highs and higher lows since June 6th and the 1.2103 low.

Yellow rectangle - resistance

EURUSD so far respects recent lows and shows that there is a demand for higher prices. Bulls need to test and break above the 1.2240 yellow rectangle key resistance. Support is found at recent low of 1.2170-1.2160 and if we see price break below it, then we should expect a deeper decline towards 1.21-1.20. For now control of the trend remains in the hands of bulls.