EURUSD has pulled back towards our short-term target area of 1.1325-1.1350. Price is mostly moving sideways as the RSI is falling from overbought levels. EURUSD has the potential for another drop lower towards 1.13-1.1280 before resuming its up trend.
Green line - trend line support
EURUSD is trading above 1.1350. The break out area of 1.1330-1.1350 has been so far successfully back tested. A new upward move could start from current levels towards 1.17. If however support at 1.1330 fails to hold, we should expect EURUSD to fall towards 1.13-1.1280 area. Holding above the upward sloping green trend line is important for medium-term bullish trend. Until then trend remains bullish.
