FX.co ★ Short-term technical analysis on EURUSD for June 2, 2022.

EURUSD is trading around 1.0694. Price has given us a reversal signal two days ago and has already formed two lower lows and tow lower highs. Connecting the recent highs we get a red downward sloping resistance trend line.

Red line -resistance trend line

EURUSD continues trading inside the medium-term bearish channel. Price has not turned over and is looking ready to continue lower. As long as price is below the red resistance trend line, I expect EURUSD to continue lower towards 1.06. If EURUSD breaks above 1.0710 I will then expect price to get closer to the upper channel boundary near 1.0920-1.0940. Support is at recent lows at 1.0627.