EURUSD remains in a bearish trend as price continues to make lower lows and lower highs inside the short-term bearish channel. Medium-term trend remains bearish after the fake breakout at 1.14. So bulls need to recapture that price level in order to regain control of the trend.
Green line - support
Blue lines - bearish short-term channel
EURUSD is trading around 1.1250 above the 78.6% Fibonacci retracement.Trend remains bearish in the short and medium-term. For short-term trend to change to bullish EURUSD will need to make a 4 hour close above 1.1320. Medium-term trend will change to bullish on a weekly close above 1.14. So far bulls were unable to hold price above 1.14 and sellers remain stronger showing that they want to push price below 1.12.
The material has been provided by InstaForex Company - www.instaforex.com