Blue line - resistance
Red lines- bearish channel
EURUSD is bouncing higher towards 1.01. Price made a high earlier today at 1.0113 and has broken above the short-term resistance trend line we talked about yesterday. The bounce target area was firstly around 1.01 and 1.0150. Trend remains bearish in the medium-term as price continues trading inside the red downward sloping channel. The blue resistance trend line has been broken and EURUSD has the potential to bounce higher even towards 1.0180. If bulls manage to break above 1.0180, then we should expect EURUSD to test the upper channel boundary. Currently this boundary is at 1.0430. Counter trend action is very common on Fridays where traders seem to take profits. Traders better be patient and wait for Monday's and Tuesday's session for more information regarding the potential direction or change of trend in EURUSD.
