EURUSD remains under heavy pressure. Trend remains bearish. Price continues making lower lows and lower highs. Price has reached the final support for bulls at 1.0850. Failure to respect this support level will be a very bearish sign for the future of EURUSD.
Blue line- support trend line
EURUSD has so far retraced more than 78.6% of the entire upward move from 1.0637 to 1.2350. Price has now reached the trend line connecting the long-term lows from 2017 and 2020. Bulls need to step in to defend support. A reversal and bounce off this trend line is justified. The RSI is close to cancelling its bullish divergence. If price bounces towards 1.10 this week, then the RSI wouldn't make a lower low. So far there is no sign of a reversal. There is no sign of a bounce yet. If there is a bounce coming, it should come from the 1.0850-1.09 price level.