06.05.202015:29 Forex Analysis & Reviews: EURUSD 1 hour chart in bearish channel

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EURUSD is in a bearish short-term trend. Today we focus on the bearish channel we are currently in and if we see a break out of the channel where can the pair bounce to. Price remains in a bearish trend on a daily basis so each bounce is still considered a selling opportunity.

Red lines - bearish channel

EURUSD is making lower lows and lower highs. Price is clearly inside a bearish channel after getting rejected around 1.1030 last Friday. Possible bounce targets and resistance levels are 1.0830, 1.0870 and 1.09. The most important of all is the 1.09 level where was the line in the sand between the short-term bullish and bearish trend. I do not expect the 1.0727 can break soon. I believe if over the coming weeks we are going to break 1.07, we should see another bounce first towards 1.09.

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