FX: Let's Have A Technical Look At EUR/USD. What Does RSI Say?
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Relevance up to 15:00 2022-07-07 UTC+2 Company does not offer investment advice and the analysis performed does not guarantee results. The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
EUR/USD Chart
Blue lines- bearish channel
EURUSD is trading below 1.03. Price remains inside the medium-term bearish channel and having broken below our key support levels that we mentioned in previous posts, has lead price to a move below 1.03 and potential to reach parity. It is clear that trend is bearish as price is making lower lows and lower highs. The lower channel boundary is now at price level 1 (parity) and we should be heading towards that level or close to that level before making a bounce higher. The RSI is providing a bullish divergence but I don't know if this can last or it will get cancelled with a new lower low by the RSI. Bears remain in control of the short-term trend after the break below 1.05 and the rejection at 1.06-1.0630. Our Ichimoku cloud analysis warned bulls with the rejection on time that we were getting bearish signals.
Read more: https://www.instaforex.eu/forex_analysis/283201
