FX.co ★ EURUSD expected to turn lower

EURUSD is trading around 1.1710 after reaching as high as 1.1770 this week. Bulls were unable to hold above 1.1750 and price got rejected at key resistance levels. We continue to expect price to fall towards 1.15 as long as price is inside the bearish channel.

Red line -expected direction

EURUSD has back tested 1.1750 which was previously support and now resistance. Price is forming a bearish channel and we see signs of a new rejection and turn lower. From next week I expect stronger selling pressure on EURUSD for a move towards 1.15. Support is at 1.1685 and next at 1.1615. Resistance remains at 1.1750-1.18. We prefer to be bearish as long as price is below 1.18 targeting 1.15.