FX.co ★ Bullish setup in EURUSD.

EURUSD is trading above 1.05 having made a higher low at 1.0460 yesterday. If bulls manage to continue to push price higher above the recent high and resistance at 1.0565, then we should expect EURUSD to reach 1.0675 at least.

Blue lines- equal size advance expected

EURUSD has formed a higher low at 1.0460. This price action is promising specially if bulls manage to break above recent high at 1.0565. Failure to hold above 1.0460 would be a sign of weakness and will decrease dramatically the chances of success of this bullish setup targeting 1.0675. Current market conditions show some signs of reversal against the Dollar. It is too soon to call a major low in EURUSD, however the first signs are there.