FX.co ★ EURUSD rejected at short-term resistance.

EURUSD is trading around 1.10 after getting rejected at the 1.11 resistance where a short-term downward sloping trend line is found. Nothing is lost for bulls yet. As long as price is above 1.09 they could still make a move higher towards 1.1250-1.13.

Red lines - bearish channel

Black line -short-term resistance

Today's and yesterday's price action confirms the importance of the 1.11 resistance level. Price is pulling back. Maybe for a higher low. One thing is for sure. In order to get a new bullish signal we need to see price break above 1.11. Until then price is vulnerable to a move lower. Bulls need to defend 1.09 and not let price fall below it.