10.11.202121:15 Forex Analysis & Reviews: EURUSD fails to hold above short-term support

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EURUSD today broke below 1.1535 and has provided us another bearish signal. Price remains trapped inside the bearish channel and with price breaking below 1.1535, we remain bearish expecting price to move below 1.14.

Blue lines- bearish channel

Red line -support

EURUSD is making new lower lows. Trend is clearly bearish. Resistance is at 1.16 and next and most important level is at 1.17. As long as price is inside this blue downward sloping channel, bears will remain in control of the trend. Despite making a new lower low, the RSI value is not making new lows providing us with a bullish divergence. Bullish divergence signals are only warning signals and not reversal signals. We remain bearish as long as price is below 1.17, looking for a move towards 1.13-1.12.

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