FX.co ★ Technical analysis on EURUSD for October 12th, 2023.

Red lines- medium-term trend channel

Blue lines- support trend lines

EURUSD is trading around 1.0619. Price has reached the upper channel boundary resistance at 1.0635 and is showing rejection signs. Price continues forming higher highs and higher lows in the near term. Medium-term trend remains bearish as price is still inside the red downward sloping channel. So far near term trend is supported and this increases the chances of a break out above the bearish channel. This would be a bullish signal. Short-term support is found at 1.06 and most importantly at 1.0537. Bulls do not want to see price break below this level. This will increase chances of a new lower low below 1.0449.