EURUSD has been trading in a clean, yet very bearish channel, for the last 3.5 days. This aggressive selling spree may be dying out for now. It appears that support may have deviated from the original channel-level (white line) and has now switched over to the yellow line. EURUSD has bounced off of this yellow line on three occasions only to see it reverser course towards resistance. But now we see that price action has possible found yet an even newer level of support, the upward sloping green line. Over the last 18 hours, the pair has exhibited some bullish tendencies.
We look for either a breakout above resistance, for confirmation of a reversal, or a move down once hitting resistance for a continuation of the bearish trend.
