FX.co ★ Technical analysis on EURUSD for June 22nd, 2023.

Red lines- bullish channel

EURUSD is trading around 1.0950. Short-term trend remains bullish as price remains inside the red upward sloping channel it created since the 1.0635 bottom back in May. Price is making higher highs and higher lows since then. Price continues to respect the bullish channel boundaries. The RSI has reached again overbought conditions in the 4 hour chart and also made a new high. There is no bearish divergence so far in the RSI. Price today made a new higher high at 1.1011 but bulls were not strong enough to hold their gains. Today's bearish reversal candlestick implies that we could see at least one or two days of selling pressures. If the result is an exit out of the bullish channel, then traders should prepare for a bigger pull back.