For Traders

Analytical Reviews

Technical analysis

27.04.202120:02 Forex Analysis & Reviews: Bulls remain in control in EURUSD

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

EURUSD is trading near 1.21 and price continues to trade inside the boundaries of the bullish channel it is in since 1.17. Price so far made a high at 1.2115. Price is very close to key trend line resistance at 1.2140. The chances of a pull back towards 1.1850 or lower are high.

Blue line - major long-term support

Red line - resistance

Green lines - bullish channel

EURUSD continues making higher highs and higher lows. Trend remains clearly bullish as long as price is above 1.2050. Breaking below 1.2050 will be the first sign of weakness. Bearish trend change will be confirmed if price breaks below 1.1993. In the 4 hour chart the RSI is already showing bearish divergence signs. In the Daily chart as shown above the RSI has still not reached overbought levels. At current levels I prefer to be neutral or protect longs by raising protective stops. I expect a reversal signal soon.

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.