Since December 4th EURUSD moves in downward channel. First attempt of breaking above it, occurred on January 15th but finished with false breakout and returned into the channel. Currently there is a second attempt and price reached 1.0975 level. If withdrawal doesn’t occur, then upward move will reach at least the nearest resistance at 1.1050.
Next resistances are at levels: 1.1120, 1.1320, 1.1480. It has to be note that on Thursday EBC will summarize its recent monetary policy actions. During last meeting there was a huge 400 pips EURUSD move despite of there wasn’t any surprising data. For this reason you must have increased attention with open positions at EURUSD.
