EURUSD remains in a bearish short-term trend as price continues making lower lows and lower highs. The latest lower low also provided a new low in the RSI in the 4 hour chart, suggesting that more downside should be expected. Price is currently bouncing but remains below the upper channel boundary. The upper channel boundary provides resistance at 1.0845. Support by the lower channel boundary is found at 1.0720. As long as price trades inside the red channel, we remain short-term bearish.
The material has been provided by InstaForex Company – www.instaforex.com
Red lines- bearish channel
EURUSD remains in a bearish short-term trend as price continues making lower lows and lower highs. The latest lower low also provided a new low in the RSI in the 4 hour chart, suggesting that more downside should be expected. Price is currently bouncing but remains below the upper channel boundary. The upper channel boundary provides resistance at 1.0845. Support by the lower channel boundary is found at 1.0720. As long as price trades inside the red channel, we remain short-term bearish.
The material has been provided by InstaForex Company – www.instaforex.com
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