EUR/USD remains in a bearish trend. Price continues to make lower lows and lower highs. Yesterday we saw price move to new lows at 1.13 but now price is bouncing again. I continue to expect price to move lower.
Black dots - medium strength resistance
Red dots - maximum strength resistance
EUR/USD is bouncing today and we could see price test the black dots resistance area at 1.1380. A rejection at that level will open the way for a move lower towards 1.1250. Breaking above this level will push price towards 1.14-1.1420. If bulls manage to break above this level as well, we should then expect a bigger bounce towards 1.1470-1.1560 area. Trend remains bearish for short and medium-term. Only a break above 1.1620-1.1630 would make me challenge the idea that the trend has changed.
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