FX.co ★ Technical analysis on EURUSD for May 5th, 2023.

Blue lines- bullish channel

Red lines- bearish RSI divergence

EURUSD is trading once again below 1.10 after making a move towards 1.11 earlier this week. Price remains inside the medium-term upward sloping blue channel and continues to provide bearish RSI divergence warnings. With NFP numbers announced better than the market expected, USD is strengthening. and EURUSD is under pressure today. Price is challenging recent lows at 1.0942. A break below this recent low would be a sign of weakness. EURUSD is vulnerable to a move towards 1.08.