EURUSD remains inside the bearish channel. In our last analysis we warned the importance of resistance at the 1.1750 area. Price got rejected twice thus far at 1.1750 and yesterday was the third rejection. Also at this level we find the upper channel boundary.
Black lines- bearish channel
EURUSD got rejected at the resistance and is moving lower. This price action confirms the importance of the resistance area at 1.1750. In case we see a push above this level, the bullish signal will have increased importance because this resistance was tested several times. As long as price is inside the bearish channel we remain bearish looking for new lows.
