Red lines- medium-term bearish channel
Blue lines- short-term bearish channel
EURUSD is trading around 0.9640 after making a low around 0.9554. Medium-term trend and short-term trend remains bearish. Price is inside both the medium-term and the short-term bearish channels. Price is bouncing off the lower channel boundaries and there is potential for a move towards 0.9775. With the RSI turning higher from oversold levels, there are increased chances that the next couple of sessions we see a bounce higher towards the channel boundary. A break above 0.9775-0.98 could imply that a bigger bounce towards 1.02 is possible. We continue to consider each bounce as a selling opportunity. Trend remains controlled by bears. There is no sign of a major low or major reversal.
