Green line- resistance
Black line- support
EURUSD is trading around 1.0650. Price has broken out of a wedge pattern but we did not see the expected selling pressures by bears. Price is not moving higher either. Price is mostly moving sideways in a trading range between 1.0660-1.0570. Price has tested the support of 1.0570 twice so far and both times it was respected. This price action increases the importance of the support at 1.0570. A break below 1.0570 will confirm the trend reversal. On the other hand price has not managed to recapture 1.0650-1.0660 after several attempts the previous days. Today we see some early signs of a rejection at the resistance of 1.0660. A break below 1.0635 will confirm the rejection and will most probably push price lower toward 1.0570 again.
