FX.co ★ Short-term technical analysis on EURUSD for November 16th, 2022.

Red lines- Bullish channel

EURUSD remains inside the short-term upward sloping channel that was created recently by the higher highs and higher lows from 0.9730. The RSI has started providing the first signs of a bearish divergence, implying that in the near term we might see some weakness in EURUSD and a pull back towards the lower channel boundary. Support is found at 1.0285-1.03. Price has formed a lower high earlier today and as long as we are below it, there are increased chances of a pull back. The RSI is turning lower from overbought levels in the 4hour chart. Upside potential in the near term is limited.