EURUSD is trading above the support area of 1.11-1.1080. A reversal from this area is highly probable. EURUSD has the potential to move towards 1.1250. What is needed for the bullish scenario to come true, is a bounce of current levels.
Green lines- bullish channel
Black line -expectations
Orange rectangle - support area
EURUSD remains inside the bullish channel. EURUSD is approaching the important support area shown in the chart above as an orange rectangle. EURUSD has the potential to reverse its pull back to a move higher. I do not believe the entire move upwards is complete and I also believe that we should expect more upside. Breaking below 1.1080 would be a bearish sign.
