FX.co ★ EURUSD technical analysis for May 30, 2022.

EURUSD continues trading higher as price continues making higher highs and higher lows. Price is still inside the bullish channel since 1.03-1.04. Price is approaching the upper channel boundary and resistance at 1.0850.

Green lines- short-term bullish channel

Blue lines- medium-term bearish channel

EURUSD is heading towards the upper channel boundary of the bearish channel. Short-term trend is bullish as long as price continues to respect the lower green channel boundary. This support is now at 1.0720. Price is making new higher highs but the RSI in the 4hour chart is not. Bulls need to be cautious. A break below 1.07 would be a bearish sign.