Blue lines- medium-term bearish channel
Green lines- short-term bearish channel
Black lines - Fibonacci retracements
EURUSD is trading around 1.0060. Trend remains bearish. Price is not only inside the medium-term bearish channel, but has also formed a new short-term bearish channel. So far price respects the boundaries of the short-term channel while touching the lower boundary of the medium-term channel. EURUSD has so far made a double bottom at 0.9998-1 but the bounce has not been able to push price above the green channel. New lows are expected. If EURUSD bulls manage to push price out of the green downward sloping channel, then we should expect the 38% Fibonacci retracement at 1.0235 to be tested.
