FX.co ★ Technical analysis on EURUSD for May 15th, 2023.

Blue lines- bullish channel

Red lines- bearish RSI divergence

EURUSD is trading around 1.0873 after making a low earlier today at 1.0846. The week has started on a positive note after last week's selling pressures. Price as expected has reached the lower channel boundary where technical support is found. The RSI bearish divergence has so far warned us for the increased chances of a pull back when price was at 1.1050-1.1090. Now price is testing key technical support at 1.0850. A weekly close below 1.0850 would be a sign of weakness. The RSI is far from oversold in the daily chart, we believe there is more downside to be expected. However respecting 1.0850 is key for the continuation of the up trend we are currently in.