EURUSD last week re-tested the broken triangle resistance trend line around the 1.1270 area and bulls successfully bounced off of it. Price continues to respect this support area and this confirms that importance of this level.
Green line - upward sloping support trend line
EURUSD is trading again back above 1.13. In a previous weekly analysis we noted that it is important for bulls to recapture the 1.13 level on a weekly basis and this could be decisive for the trend over the next few weeks. EURUSD closed last week right on our key level. This week starts on a positive note and we could see a move towards 1.14 and higher as long as we trade above 1.1270. The second bounce off the red broken resistance trend line is a bullish sign. Resistance is now found at 1.1370 last week's highs.
The material has been provided by InstaForex Company - www.instaforex.com