Red lines- bullish channel
No real action in EURUSD today as price is slightly positive relative to the previous two down days. Price is around 1.0850 at its 8 month highs. EURUSD has not seen these levels since April of 2022. Technically trend remains bullish as price is still inside the bullish channel. The RSI continues to be lower than in previous weeks when price was lower. The bearish divergence by the RSI is a warning and not a reversal signal. Short-term support is at 1.08 and a break below this level would be the first sign of weakness. A break below 1.08 will imply vulnerability towards 1.0650-1.07. At current levels we prefer to be neutral EURUSD.
