EURUSD has made new higher highs today recapturing the 1.15 level. However bulls need to be very cautious as price has reached important long-term resistance levels. This resistance is shown clearly by the long-term downward sloping trend line.
The EURUSD has reached the green trend line resistance that comes from the 2008 highs. This resistance trend line should not be ignored. The 1.16 level is very important resistance. A rejection here could bring EURUSD back to 1.13 if not lower. It is time now for bulls to be cautious as the risk reward ratio favors bears. Resistance is very close while support on a weekly basis is found at 1.12. Time to take profits if long, and turn neutral to wait and see what happens at the weekly resistance.
