EURUSD: Bearish Break?

EURUSD, Daily

In the Daily timeframe, EURUSD, in a long-term bullish trend, has formed an ascending channel pattern. The price fell to the lower trend line, with Momentum falling below 100.0. However, the %R shows a significant oversold condition.

• If the price breaks the trend line below the 1.1030 support, the drop would be to 1.0950;

• A bounce from the trendline will bring EURUSD back to 1.1190;