16.05.202316:14 Forex Analysis & Reviews: EURUSD remains vulnerable to more downside.

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Red lines- bearish channel

Blue line- lower channel boundary

EURUSD is trading around 1.0885 still above the medium-term lower channel boundary. In the near term EURUSD has formed a new bearish channel shown by the red boundaries. Price is approaching the upper channel resistance at 1.09. A rejection here would be a bearish sign. A rejection at the red channel resistance could lead to a reversal and a new lower low towards 1.08. A daily close below the lower channel boundary would also be a bearish sign. EURUSD continues forming lower lows and lower highs. A break below 1.0863 would be a sign of weakness and a sign of more selling to come.

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