Red lines- bearish channel
Blue line- bullish RSI divergence
EURUSD is trading once again below parity. Medium-term trend remains bearish as price is still inside the medium-term downward sloping channel. A few weeks back we warned that another break below the parity level would increase chances for a move towards 0.97. The RSI is providing a bullish divergence warning but technically trend remains bearish. A reversal could come soon and that is why traders need to be cautious. Until the reversal comes, bears are in full control of the trend.
