EURUSD has broken below 1.1150 and is challenging the 2019 lows at 1.11 area. Trend remains bearish in short- and medium-term. Price is heading towards 1.10 as long as price remains below 1.12.
Red lines – bearish channel
Black line – horizontal support
EURUSD remains in a bearish trend. Price is still trading inside the bearish red channel and below the Ichimoku cloud. For this medium-term trend to change to bullish we will need to see price break above 1.1230-1.1260 first and then above 1.13. Short-term resistance is found at 1.1185. Support is found at 1.11-1.1120. Breaking below it will open the way for a move towards 1.10 and lower. So far we have been saying that every bounce is a selling opportunity and this has proven correct as price has not broken any important resistance level yet.
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