01.11.201921:52 Forex Analysis & Reviews: EURUSD reverses short-term trend as expected respecting support at 1.11-1.1070.

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EURUSD was expected to move higher from the key support of 1.1070. Price has managed to recapture 1.11 and is now trading above 1.1150. EURUSD remains inside the short-term bullish channel targeting 1.12 to 1.1250.

Black line - support trend line

Red line -RSI resistance

EURUSD continues to make higher highs and higher lows in the 4 hour chart. the RSI has broken its resistance trend line. We find support at 1.1130 which was short-term resistance and next at 1.1073 this week's lows.

Green lines - bullish channel

As EURUSD continues to trade inside the bullish short-term channel we focus on the next Fibonacci resistance at 1.12 (61.8% retracement) and at 1.1250-1.1260 (upper channel boundary). As long as price is inside the channel we remain bullish. Price reversed to the upside from 1.1070 and this is where bulls should protect their profits.

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