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16.11.202016:09 Forex Analysis & Reviews: EURUSD challenges short-term support

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EURUSD is pulling back down towards trend line support at 1.1820 after making a top at 1.1868. Trend remains bullish as long as price respects the 1.1745 low. Price continues to make higher higher and higher lows. If price breaks below 1.1820-1.18 area then we will have the first important weakness sign.

Blue line - trend line support

EURUSD as shown above has short-term support at 1.1820 (blue trend line). Bulls do not want to see this level broken downwards. Resistance is at 1.1890-1.1920 area. In order to achieve 1.20-1.21 bulls need to break above the resistance. Major support is at 1.1745. Breaking below this level will increase chances for a move towards 1.15. At this point traders better choose the bullish side as the risk is low, as sell stop levels are very close. The reward relative to the risk favors the bullish trade.

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