Red lines- bearish channel
EURUSD is trading around parity. Price recently broke again below parity and reached 0.99. Short-term oversold conditions have helped push price higher towards 1.01 but so far every bounce is considered as a selling opportunity. Price remains inside the medium-term bearish channel. Despite the new lower low, the RSI did not produce a new low. The RSI is providing bullish divergence signals. This is not a reversal signal, only a warning. Short-term trend remains bearish as long as price is below 1.01. Medium-term trend remains bearish as long as price is below 1.0370. A bounce towards 1.0150-1.02 is justified from current levels.
