Technical analysis for EURUSD for April 16, 2019

EURUSD is trading in a short-term bullish channel but has reached important resistance area of 1.13-1.1330. Moving sideways or slightly lower is a good sign for bulls. Bulls do not want to see a rejection and a break below and out of the bullish short-term channel.

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Blue lines - bullish channel

Red lines - bearish channel

Black line - major trend line resistance

Green rectangle -major support level

EURUSD has reached the upper channel boundary at 1.1330 and has stopped its rise. This is important resistance by the medium-term bearish channel. Price is making higher highs and higher lows inside the blue channel. Staying inside the blue channel is important for bulls. A pull back towards 1.1280 is justified so that overbought short-term conditions are relieved and price could form another higher low to gain more strength for the next leg higher. Breaking above 1.1330 will open the way for a move towards the next major resistance at 1.14-1.1450. Medium-term trend remains bearish as long as price is below that resistance area.

The material has been provided by InstaForex Company - www.instaforex.com