Red lines- bearish channel
Blue lines- Fibonacci retracement levels
EURUSD is trading around 1.0710 after making a lower high at 1.0769 earlier today. Price remains inside the red downward sloping bearish channel. Support is found at recent lows of 1.0687. Channel resistance is found at 1.0820. As long as we trade below this level, short-term trend remains bearish. EURUSD justifies a bounce higher towards 1.08. At current levels the chances for a bounce have increased. Our primary target remains at 1.0610 where we find the 38% Fibonacci retracement of the entire upward movement.
