FX.co ★ Technical analysis on EURUSD for June 1st, 2023.

Red lines- bearish channel

Blue line- bullish RSI divergence

EURUSD is trading around 1.0685-1.07. Short-term trend remains bearish as price continues making lower lows and lower highs. As long as price is inside the red downward sloping channel, bears will remain in control. The bullish RSI divergence is an important warning that the down trend is weakening. So far however we have not got a reversal confirmation. Such a confirmation will come when price breaks out of the bearish channel it is in. If bulls manage to recapture 1.0720-1.0735 then we can start talking about a trend reversal. Until then bears are in control.