12.08.201916:35 Forex Analysis & Reviews: EURUSD still trapped inside trading range

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EURUSD pulled back towards recent lows at 1.1165 where we also find short-term support and bounced. Price remains below resistance levels but the trading range its been in is tightening. Soon we will have a trading signal. The direction of the breakout will show us the direction of the new trend.

Magenta lines - bullish flag pattern

EURUSD is trading sideways in a tightening trading range. Resistance at 1.1230-1.1250 remains important for the short-term trend. Support at 1.1165 has been validated earlier as price tested that level and it did not break. This increases the importance of a break if it occurs. A break below 1.1165 will most probably push price below 1.11 again. A break above resistance will give us 1.1330 as the first bullish target.

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