FX.co ★ EURUSD continues higher after bullish break out above short-term resistance.

Yesterday we noted the bullish signal given by EURUSD by breaking above the short-term downward sloping resistance trend line. EURUSD today is making higher highs. In previous posts we noted that a break above the short-term downward sloping resistance trend line would be a bullish sign. Price is confirming our view by making new higher highs today.

Black line -resistance

EURUSD continues to trade inside the medium-term bearish channel. However as we mentioned in previous posts, while price is above 1.09 we prefer to be neutral if not bullish. Price found resistance at the black trend line but yesterday it broke above it. Our short-term target is the upper channel boundary. Support is at 1.0945 the low from two sessions ago. Bulls need to defend this level.