Trading Conditions
Products
Tools
EUR/USD visited again our first bounce target area and 38% Fibonacci retracement. This area of 1.1340-1.1350 is important short-term resistance. Breaking above it will open the way for a move towards 1.14.
Green line - trend line supportRed line - major trend line resistance
Blue rectangle - short-term resistance
Black rectangle - bounce target if blue rectangle is broken
Black lines - bullish divergence
EUR/USD bounced again as expected but price only managed to reach the 38% Fibonacci retracement level. Bulls need to break above the blue rectangle in order to hope for a bigger bounce towards 1.14. The RSI continues to provide a bullish divergence while being supported and making higher highs and higher lows. We are in a consolidation/correction phase and I would prefer to be neutral or bullish, waiting for higher levels to try a short position, where risk reward is better. For the medium-term trend to change price would need to recapture 1.15 and stay above it.
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.