Blue lines- bearish channel
EURUSD is trading around 1.0397. Price remains vulnerable to more downside as price is still inside the medium-term bearish channel. Price has stopped its decline right above the 2022 lows. A bounce from current levels is justified but we expect to be a shallow one. As long as price is below 1.0850 bears will remain in full control of the trend. We keep a close eye on the RSI as we could soon see new lows in EURUSD but not in the RSI. This would an indication that the downtrend is near its end. Current market conditions remain favorable towards bears and selling at any bounce.
