EURUSD is trading above 1.1350 today as price reversed from 1.1280 and is now near the upper trading range boundary. As we mentioned in previous posts, EURUSD has been trading inside a trading range for some time now.
Red lines - trading range
EURUSD is making new near term highs as price just surpassed the 1.1344 high made 5 days ago. Price is still below the upper range boundary and this is where the major test will be. Bulls need to break above 1.1370 and stay above it, in order to continue to the upward reversal towards 1.1450. Support is at today's lows at 1.1274 and a break below this level will increase the chances for a decline below 1.1235.
