EURUSD has made a higher low at 1.0977 and is now challenging recent highs. The first attempt was not strong enough for price to break above the 1.1175 resistance level and stay above it. Price moved above resistance but soon after price reversed and is now at 1.1130. Bulls continue to control the trend expecting a move towards 1.1280-1.13.
Blue rectangle - support area
EURUSD is making higher highs and higher lows again after the major higher low at 1.0977 (blue rectangle support area). EURUSD is testing the resistance area (red rectangle) and a break above it will bring it closer to our target of 1.1280 or 100% Fibonacci extension of the first leg up. Second target is at 1.1475. For now we focus on the first target. Short-term support is found at 1.11. Bulls lose control of the trend on a break below the blue rectangle.
