In our latest analysis we noted that EURUSD was expected to start the week on a negative note. Price was expected to pull back towards 1.12-1.1150. Price is now trading at 1.1275 while still inside the upward sloping channel.
Blue lines - bullish channel
Black line- bearish channel
EURUSD showed rejection signs on Friday. With the RSI at overbought levels it was justified to see price pull back. We expected the week to start on a negative note and we continue to expect price to pull back towards the lower channel boundary. Short-term resistance is at 1.1325 and as long as price is below that level we continue to expect price to reach 1.12.
