EURUSD is moving slightly higher after a low at 1.1761 made yesterday. Trend remains bearish as price continues making lower lows and lower highs. EURUSD is trading inside a short-term bearish channel and could see the upper channel boundary around 1.1810-1.1815. I expect this bounce to be short lived and price to continue lower towards our 1.17 target.
Red line - major support
Black lines - expected price path
EURUSD is at the final stages of the decline from 1.1990. I expect one more low to unfold early next week. Bears need to be cautious in case price breaks out of the bearish channel. A bounce is justified and bears should expect it. At this point I expect price to test the upper channel boundary and get rejected for a new lower low.
