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16.01.202023:54 Forex Analysis & Reviews: EURUSD rejected at short-term resistance

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EURUSD bulls tried to pull price above 1.1170-1.1188 but no luck until now. The rejection at the resistance levels will most probably bring price back towards the lower channel boundary. Bulls need to break above 1.1180-1.1190.

Red rectangle - resistance

Blue rectangle - support

Green lines -bullish channel

EURUSD is still bouncing higher off the January 10th low. If this level is broken I would expect price to move lower towards the lower green channel boundary. Short-term trend is mixed as price has no clear direction. Staying below the red rectangle area is a bearish sign that will put the blue rectangle into bears crosshair.

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