FX.co ★ Weekly analysis on EURUSD

Red lines -bullish channel

EURUSD respected the channel support and has now reached new higher highs for the last 9 months at 1.1033. Price continues trading inside the upward sloping red channel and as we explained in our previous analysis, as long as price is in the channel, bulls remain in control. The recent pull back towards 1.08 tested support and bulls came out winners. The weekly RSI is now approaching overbought levels signalling that bulls need to be extra cautious from now on. In shorter time frames trend remains bullish with warning signs by the RSI, but price has not confirmed a trend reversal yet. This week's low at 1.08 is key support and trend change level.