EURUSD got a boost from the Bank of England’s statement yesterday. The lower line of the trend channel has been tested 3 days in a row before the move. Trend line rejection might lead to a move bullish or slightly bullish direction for the short term. 0.9860 can be followed as short-term resistance. If a breakout occurs, the upper line of the channel can become the next target for the up moves.
Despite the short-term outlook, EURUSD is still dealing with hawkish FED, an energy crisis, and a massive downtrend. As long as EURUSD stays inside the trend channel, upside moves might continue to create selling opportunities.
