EURUSD → Breakout of resistance and rebound from strong support
EURUSD is testing the support of the global price channel from W1. On the local timeframe there are also preconditions for a possible bullish reaction to the support area. Globally, the currency pair is still in a bullish trend, now the price is testing the support of the ascending price channel. On the local timeframe we see a breakout of the resistance of the upward channel and a retest of the flat support. If the bulls hold the area of 1.0835, we should expect the currency pair to strengthen towards 1.1000 in the medium term.
Moving averages indicate a neutral situation on the market. Price is testing MA-50
Support levels: 1.0835, MA-50
Resistance levels: 1.0918, 1.1000
I expect a bullish reaction in the market after the resistance breakout. Price is flat and we have upside potential to 1.1000.
Regards R. Linda!
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