FX.co ★ Technical analysis on EURUSD for May 3rd, 2023.

Blue lines- bullish channel

Red lines- bearish RSI divergence

EURUSD is trading again above 1.1030. Despite the selling pressures yesterday, EURUSD bulls managed to hold above 1.0950 support and close the day at 1.10. Today price is even higher showing that bulls remain in control of the trend. Price remains inside the medium-term bullish channel. The bearish RSI divergence remains intact, implying there are increased chances of a bearish reversal. Support in the near term remains key at 1.09-1.0950. Upside potential for EURUSD is at 1.11. Traders without any position better remain patient and neutral. Tonight's FOMC could provide some added volatility in the market.