FX.co ★ Technical analysis on EURUSD for October 17th, 2023.

Red lines-bearish channel

Blue rectangle- short-term support

EURUSD is trading around 1.0550. Earlier today bulls tried to push price higher towards the upper channel boundary at 1.0602. Bulls failed. Price remains inside the red downward sloping channel it was in. After the rejection at 1.0640 price is under pressure. New lows should be expected, specially if the key short-term support is broken. A break below 1.05-1.0490 would be a sign of weakness and would imply more downside should be expected. Bears remain in control of the trend, but all traders should be on high alert.