FX.co ★ Technical analysis on EURUSD for May 23rd, 2023.

Red lines- bearish channel

EURUSD is trading around 1.0770. EURUSD is under pressure again today after getting rejected at the upper channel boundary resistance. Price remains inside the downward sloping red channel and so do we remain bearish. Price is very close to providing new lower lows. In yesterday's analysis we warned that the inability to break above the resistance of 1.0830 would lead to another move lower towards 1.07. Resistance remains key for the near term at 1.0830. Support is found at recent lows of 1.0760.