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EURUSD back tests break out area.

EURUSD is back testing today the break out area of the resistance trend line. Holding above 1.18 is key for the short-term reversal signal. Holding above 1.18 is key for bulls. Breaking above 1.1842 will be an added sign of strength on behalf of the EUR bulls.

analytics61017732d0295.jpg

Red line -resistance

Blue line - Bullish divergence

Price has started making higher highs and higher lows. Price has broken the red resistance trend line and is now back testing it. A bounce off the red trend line will be a bullish sign. It is important for bulls to hold above 1.18. Short-term resistance is at 1.1842 and next at 1.1942. I expect the second level to be reached over the coming sessions.

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