Fundamental analysis

Short-term analysis on EURUSD

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Red lines- bearish channel

blue line- bullish RSI divergence

EURUSD is trading around 0.9920. Short-term trend is bullish as price has started making higher highs and higher lows from the 0.9536 low. Recently we reached as high as 1.0094 where we got rejected at cloud resistance. Price remains inside the medium-term bearish channel. As long as price is below 1.01 we remain bearish. Price remains vulnerable to a move to new lower lows below 0.95. An exit above the bearish channel would be the first step for a bigger upward reversal. Short-term support is at 0.9760. Bulls need to defend this level as a break below it will change short-term trend to bearish.

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