Red lines- bearish channel
Blue line- bullish RSI divergence
EURUSD is trading around 0.99. Trend remains bearish with price continuing the sequence of lower lows and lower highs. Price remains trapped inside the downward sloping channel and so far each bounce provided lower highs confirming our view that they are selling opportunities. A few days ago we talked about the potential of reaching 0.97. Today's bounce towards parity was weak and bulls failed to break above 1. Price remains vulnerable to more downside. The RSI has still room to fall towards the blue line which can also be seen as a supportive trend line for the RSI. The 0.97 target is very possible. So far no sign of a reversal, only a warning by the RSI.