FX.co ★ Technical analysis on EURUSD for October 11, 2023.

Red lines- bearish channel

EURUSD is trading around 1.0605. Price remains inside the red downward sloping channel it is in since July. Price has made a bounce over the last few days exactly as expected from the 1.0450-1.05 area. Price is now challenging the upper channel boundary which is key short-term resistance. So far we have no break out or a rejection sign. Traders need to understand that this is important resistance area and they have to be patient. The RSI has not reached overbought levels. In order to expect a bigger bounce, we should see bulls recapture 1.0635 level and stay above it.