EURUSD has not made any real progress today as price is slightly lower than yesterday. Nevertheless price remains inside the short-term bullish channel since 1.17 low and as long as price is inside it, then we could expect a move higher towards 1.21.
Red line - resistance trend line
EURUSD is making higher highs and higher lows. Trend remains bullish as price continues to respect channel boundaries and previous short-term lows. There are some signs of bearish divergence in the 4hour chart by the RSI but so far no reversal signal has been confirmed. If price continues to respect the channel, we should expect price to move towards 1.21 soon.
Blue line - support
Green lines - bullish channel
EURUSD is approaching an important resistance area. The 1.21 area will be a big test for bulls and will clear up if this upward move is the start of a new up trend or just a pause to the downtrend that started at 1.2343.
