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EURUSD broke below 1.12 and is making new lows towards 1.1140. Support at 1.1250 did not hold and this was our initial sign telling us that chances for a move towards 1.1150 have increased. Now that price has reached this area we have many things to note.
Red lines - bullish divergence
EURUSD remains in a bearish trend making lower lows and lower highs in the Daily chart since summer of 2018. The bullish divergence warning signs continue to appear. Each lower low is slightly lower than the previous one and the RSI continues to make higher lows. However trend has not reversed yet as price remains below the major black resistance trend line. A long-term bullish wedge is being formed and approaching the lower boundary of the wedge pattern at 1.1115 is important support and very possible bounce area. A break above the black trend line would be a bullish signal confirming trend reversal. The 1.1350 level is now the major turning point lowered from 1.1450. I believe it is more probable to see prices reverse higher from 1.11-1.1150 than continue lower.
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