FX.co ★ EURUSD challenges key channel resistance.

EURUSD has continued for a fourth consecutive day to be positive and price has almost erased the decline January 20th high. Price remains inside the medium-term bearish channel. Price has retraced almost 61.8% of the decline from January highs.

EURUSD is bouncing higher towards the bearish channel upper boundary. EURUSD is approaching major Fibonacci resistance and channel resistance. If bulls manage to recapture 1.1350 then this would be an important win for them. However I continue to consider this bounce as a counter trend and I believe that there are more chances of a rejection than a continuation higher.