Red lines- bearish channel
EURUSD is trading around 1.0730. Short-term trend remains bearish. EURUSD made an attempt yesterday to break out above short-term resistance and out of the bearish channel. Bulls failed and price got rejected at the channel upper boundary. Price got rejected at 1.08 resistance and has since then made new lower lows. The RSI is not following. The RSI has provided a bullish divergence. This is not a reversal signal, but only a warning. Bears remain in control of the trend. A break above 1.08 will be our first sign of a possible reversal pattern.
