EURUSD is trading around 1.10 as it starts the week under pressure. Price remains very close to the 2023 highs. The RSI bearish divergence remains valid. Upside potential is limited. Current price action suggests that a move lower is more probable. Medium-term trend remains bullish as price remains inside the blue upward sloping channel. Our pull back target is at the lower channel boundary at 1.0840. Short-term support is at Friday’s low of 1.0967. Failure to hold above this level will be a sign of weakness. This support level is expected to be tested this week.
The material has been provided by InstaForex Company – www.instaforex.com
Red lines- bearish RSI divergence
Blue lines- bullish channel
EURUSD is trading around 1.10 as it starts the week under pressure. Price remains very close to the 2023 highs. The RSI bearish divergence remains valid. Upside potential is limited. Current price action suggests that a move lower is more probable. Medium-term trend remains bullish as price remains inside the blue upward sloping channel. Our pull back target is at the lower channel boundary at 1.0840. Short-term support is at Friday’s low of 1.0967. Failure to hold above this level will be a sign of weakness. This support level is expected to be tested this week.
The material has been provided by InstaForex Company – www.instaforex.com
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