05.04.202215:05 Forex Analysis & Reviews: Short-term EURUSD analysis for April 5, 2022.

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EURUSD is trading around 1.0965. Price has formed a bearish channel and is making lower lows and lower highs. There is no sign of a reversal. Bears remain in control of the trend. EURUSD is trading just above the recent key low of 1.0945.

Blue lines- bearish channel

As long as price is inside the bearish channel, bears will be in control. Resistance is at 1.10 and next at 1.11. A bounce towards 1.10 is justified as the RSI in the 4 hour chart has reached oversold levels and is turning upwards. Next downside target and support is found at the lower channel boundary at 1.0925.

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