EURUSD price pulled back yesterday towards 1.2150 and very close to the lower channel boundary. Price is bouncing today to 1.22. Price so far respects the lower channel boundary and as long as this is the case, bulls will remain in control of the short-term trend.
EURUSD remains inside the green upward sloping channel. Price so far is making higher highs and higher lows. Recent low at 1.2129 is key support as we mentioned in our previous analysis. Staying above it is key to short-term bullish trend. Bulls yesterday tested this support and today price is bouncing higher again off the lower channel boundary. All this price action is bullish. The bullish scenario will be strengthened if price breaks above the short-term resistance and yesterday's highs at 1.2256. As long as price is above the lower channel boundary we prefer to be bullish.
