Red line -bullish divergence
Green lines- short-term bearish channel
Blue lines- medium-term bearish channel
Black lines- Fibonacci retracement
EURUSD made a new low after the recent rejection at the upper boundary of the short-term bearish channel. Price continues making lower lows and the RSI continues making higher lows. The bullish RSI divergence continues but so far price has not produced a bullish reversal signal. EURUSD has resistance at 1.0065 and next at 1.0122. If bulls manage to break above these levels, we will get the first short-term reversal signal. Our 1st target would then be at 1.0210 and next at 1.0360. Until then, bears remain in control of the trend.
