For Traders

Analytical Reviews

Technical analysis

29.03.202118:21 Forex Analysis & Reviews: EURUSD short-term technical analysis

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 continues to trade inside the downward sloping channel since 1.1990. Price continues making lower lows and lower highs as price moves towards our 1.17 target. So far price has made a low at 1.1760.

Blue lines- bearish channel

With price making new lows but the RSI not following, bulls need to be cautious. Resistance is at 1.18 and as long as price is below this level, we should expect at least one more short-term lower low towards our target of 1.17. The bullish divergence by the RSI is a warning but not a reversal signal. If this bullish divergence is combined with a break above 1.18 we could see a bigger bounce towards 1.1870-1.19. Until then bears are in control.

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.