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FX.co ★ EURUSD bounces off neckline support

EURUSD bounces off neckline support

EURUSD is trading again above 1.18. As we said many times before, below 1.18 is our buy area. Price continues to be in a bearish trend but soon we expect this to change. As long as price holds above 1.1750 we remain optimistic for a move towards 1.19.

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EURUSD bounces off neckline support

Red line - neckline support

Blue line - bullish Divergence

EURUSD so far respects the neckline support. Price is showing reversal signals. Despite making lower lows, the RSI has provided bullish divergence signals and that is why we remain optimistic and bullish below 1.18. Bulls need to break above 1.1835-45 resistance. A rejection at current levels could lead to another new lower low.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade
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