Green lines- bearish short-term channel (broken)
Blue lines- medium-term bearish channel
Black lines -Fibonacci retracements
EURUSD is trading around 1.0230 having achieved our short-term bounce target. Price has exited the short-term bearish channel but remains inside the medium-term bearish channel. Price has so far retraced 50% of the decline from 1.0615. Short-term trend remains bullish as price continues making higher highs and higher lows. Next target and resistance level is at the 61.8% retracement at 1.0360. The RSI has reached overbought levels in the 4 hour chart. The short-term bounce is still under way, no sign yet of a top or a reversal. Recent low at 1.0170 if broken downwards, will increase the chances that the bounce is complete.
