FX.co ★ EURUSD tuns negative on a weekly basis.

EURUSD traded as high as 1.1070 this week but price was unable to break above the short-term resistance trend line. Price remains under pressure. EURUSD also remains inside the downward sloping channel from 1.23.

Black line- short-term resistance trend line

Bulls need to break above the short-term downward sloping black trend line. If this happens, then there are increased chances of price bouncing higher towards the upper channel boundary. Support remains key at 1.09. Horizontal resistance by the two recent highs is at 1.11. Bulls need to break first 1.1040 and next 1.1110. This will provide bullish reversal confirmation for a move towards 1.1250.