EURUSD bounced towards 1.12 but now we see the usual rejection signs once price reaches the upper channel boundaries. Medium-term trend remains bearish as price continues to make lower lows and lower highs.
EURUSD has been inside this bearish channel since the start of the year. The recent bullish reversal candle that we noted in a previous posts has pushed price from 1.11 to a bit higher than 1.12. However the important resistance area of 1.1230-1.1260 has remained untouched and unchallenged. Trend remains bearish as long as price is below the upper channel boundary. Price is showing rejection signs once again however with the US markets closed, we should be a bit more patient until tomorrow to have a clearer view of the market.
