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16.07.201915:08 Forex Analysis & Reviews: EURUSD pull back breaks short-term support and increases chances of breaking to new 2019 lows.

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EURUSD has broken short-term support. This makes bulls more vulnerable and price prone to falling further towards 1.10. This bearish scenario will get confirmed if price breaks below 1.1180 and will get canceled if bulls recapture 1.1250.

Red lines - bearish channel

Red rectangle - resistance

Green line - support (broken)

EURUSD has reached 1.1280 resistance area once again and got rejected. This was a bearish sign. This lead to a break of the green trend line. Price has now retraced 78.6% of the entire upward move from 1.1193 to 1.1281. Bulls need to step in now and recapture 1.1250 in order to have hopes for a move towards 1.1350-1.14. Any bounce that shows weakness and inability to recapture 1.1250 will be a bearish sign that will increase chances of breaking below 1.12.

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