FX.co ★ EURUSD needs to break and stay above 1.1088 in order to move towards 1.1150 or higher

EURUSD is challenging the previous support now resistance at 1.1050-1.1080 once again. Last time we were here price got rejected. If we see a break above 1.1090 then we will have a bullish short-term signal.

Red rectangle- resistance

EURUSD is challenging the resistance area once again. A break above it will at least push price at the 61.8% Fibonacci extension of the first leg up. There we also find the important downward sloping trend line resistance.

In Ichimoku cloud terms price is above the tenkan-sen. Resistance by the kijun-sen is at 1.1090. Breaking above it will push price towards the cloud resistance at 1.1150. So for traders to expect more upside, we need to break above 1.1090. Support is at 1.1010. Breaking below it will cancel the chances for a short-term bounce towards 1.1150. Daily trend remains bearish as price is below the Kumo.