EURUSD bounced of the 1.1150 support towards 1.12 but a zoomed out view of the Daily chart shows that the trend remains bearish as price continues to make lower lows and lower highs inside a downward sloping channel and inside a downward sloping wedge pattern.
Black lines - downward sloping wedge pattern
EURUSD has Daily resistance at 1.1260 and as long as price is below that level I expect another run lower towards 1.11 or 1.1070. Medium-term trend remains bearish as long as price is below 1.1350-1.1390 area. The RSI continues to diverge but this is only a warning and not a reversal signal. Short-term resistance at 1.1260 if broken will push price towards next resistance at 1.13-1.1350.
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