FX.co ★ Technical analysis on EURUSD for December 22nd, 2022.

Red lines- wedge pattern

Black line- support

Blue line- bearish divergence

EURUSD is trading around 1.0615. EURUSD is under pressure today but price remains above the key short-term support at 1.0570. As long as price is above this level, bulls are fine. A break below 1.0570 would be an added sign of weakness where we would expect EURUSD to reach 1.0430 at least. With the bearish divergence in the RSI the chances of a pull back have increased and a break below 1.0570 would just be the confirmation. At current levels we believe the upside potential is very limited and that is why we prefer to be neutral if not bearish.