FX.co ★ Technical analysis on EURUSD for November 9th, 2022.

Red lines- bearish channel

Blue line- support trend line

Yellow rectangle- double top

EURUSD is trading around 1.0011 after reaching as high as 1.0094. Price is testing the upper channel boundary. EURUSD remains inside the bearish medium-term channel and today tested its boundary. Price is showing rejection signs and has formed a double top shown by the yellow rectangle in the chart above. The RSI is turning lower from overbought levels. Bulls do not want to see price break below the blue trend line support. This would imply that more downside towards 0.92-0.90 should be expected. Let's not forget the medium-term trend that remains bearish. Bulls want to see price form a higher low and then make a new attempt to break resistance at 1.01 for a move towards 1.02-1.04.