EURUSD is still inside the medium-term bearish channel but despite breaking multiple times below 1.13, EURUSD continues to be supported and price returns to 1.13. The FOMC meeting did not provide any new vital information to stir the market, so we remain focused on the technical levels we mentioned before.
Black lines -bearish channel
Green line -support
EURUSD is trading inside the bearish channel and below the green support trend line. EURUSD remains vulnerable to a move towards 1.10. Trend remains bearish. Bulls need to recapture at least 1.1370 in order to hope for a trend reversal. The break below the green trend line support was an added bearish signal and price could start a strong move lower any time now. This scenario can only be avoided if bulls recapture 1.1370-1.14.