EURUSD is bouncing off the 78.6% Fibonacci retracement. Trend remains bearish as price continues making lower lows and lower highs. Price has formed a bearish channel and as long as price is inside it, we remain bearish.
Black lines - bearish channel
Support is found at 1.17 while resistance by the channel boundary at 1.1770. Breaking above 1.1770 would be a bullish sign as price would have exited the bearish channel and would have made a higher low relative to the 1.1665 August low. Until then bears remain in control of the trend.
