Although longer-term trend remains bearish, short-term strength in EUR/USD will challenge the medium and long-term trend. Price is challenging important resistance at 1.14-1.1470 that if broken would push prices above 1.1530-1.1550.
Green line- trend line support
Black dots - resistance
Red dots - major resistance level
EUR/USD is challenging the resistance trend line at 1.14. Breaking above the trend line will push price towards 1.1460-1.1470 where the major resistance is found. A rejection at current levels would be a bearish sign. Short-term support that could signal a rejection if broken would be at 1.1350. Breaking below that level will most probably push price towards the green trend line support.
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