Red lines - bearish channel
Blue rectangle - horizontal support
EURUSD is trading around 1.0555. Price recently made a high at 1.0594 where we find the upper channel boundary. Price is showing rejection signs once again. Price remains inside the red downward sloping channel. Bears remain in control of the trend. Short-term support is found at the blue horizontal rectangle around 1.0490 as we mentioned in a previous analysis. Breaking below this level will open the way for a new lower low for 2023. We are currently trading just above the 2023 lows in EURUSD. A break above the red channel will open the way for a move higher towards 1.0690.
