EURUSD is trying to break out and above the downward sloping bearish channel. Bulls are challenging the upper channel boundary around 1.1260. As long as price remains below the 1.1260 level trend will remain bearish.

Red lines - bearish channel

Green rectangle -short-term support

Blue rectangle - horizontal resistance

EURUSD is challenging previous short-term highs and the upper channel boundary at 1.1250-1.1260. A rejection here could pull back prices towards 1.12 or lower. However a break above the resistance will open the way for a move towards 1.13-1.1350 where the big test will be. In the short-term price has an upward momentum after bottoming around 1.11. In the medium-term price remains inside a bearish channel making lower lows and lower highs. For this sequence to stop and trend to reverse to bullish, we will need to see prices break above 1.1330.