EURUSD not only got rejected at the upper channel boundary at 1.1260, price also broke below short-term upward sloping trend line support. Medium-term trend remains bearish as price has not broken out yet.
Blue rectangle - horizontal resistance of previous tops
Black lines - support trend line
EURUSD has broken below both the price trend line support and the RSI trend line support. This is another sign of weakness after getting rejected at the upper channel boundary and at the horizontal resistance of the previous tops. Bulls need to see price break above the red channel otherwise there is danger of falling below 1.11. Short-term support is found at 1.1170 while resistance is found at 1.1245. Price so far makes higher highs and higher lows. Bullish reversal is favored as long as price is above 1.1150-1.1170. Bullish reversal is confirmed on a break above 1.1265.
The material has been provided by InstaForex Company - www.instaforex.com