EURUSD is in a bearish channel since the May top at 1.2265. Price as expected then has turned lower and is approaching the 1.15 price level. Trend remains bearish as long as price is below 1.17. Any bounce is considered a selling opportunity with 1.1490 and 1.13 as the next two targets.
Blue lines - bearish channel
EURUSD continues making lower lows and lower highs. Resistance by the upper channel boundary is at 1.1715-1.17. Support by the 50% Fibonacci retracement level is at 1.1490. Breaking below 1.1490 will increase chances of pushing towards the 61.8% level at 1.13. So far the decline is a little bigger that the first decline from 1.2345 to 1.1699. Price has made a new low and yesterday's rejection at the back test of 1.17 suggests that was once support is now resistance.
