FX.co ★ New weekly lows for EURUSD

Negative start for EURUSD as price is approaching 1.07. EURUSD continues making lower lows and lower highs as price remains inside the medium-term bearish channel.

Black lines -bearish channel

The week is starting with EURUSD making new weekly lows. The RSI is not following. However this is not a reversal signal. Trend remains bearish and bears in full control of the trend. In our last analysis on EURUSD, we noted that price remained vulnerable to a move lower as the Daily candlestick patterns were bearish.