Red lines -bearish channel
EURUSD is trading around 1.0756. Price is bouncing higher today. Price remains inside the downward sloping red channel. Bears remain in control of the short-term trend. After another negative week, traders look to take profits from short positions as the weekend approaches. Thus the bounce higher today. Technically as long as price is below 1.0765 short-term trend remains bearish. Support is found at 1.0725. Bulls need to be cautious as a rejection at current levels could lead to a new lower low below 1.07. Bears remain in control of the trend.
