21.11.2023 08:08 AM
EUR/USD rose through the 1.0950-60 area on Tuesday, hitting the Fibonacci 0.618 retracement of the earlier drop between 1.1275 and 1.0450 levels respectively. The single currency pair is seen to be trading close to 1.0955 at this point in writing and could turn lower from here soon. The initial support is at 1.0825 and the bears would be targeting that for now.
EUR/USD might have completed a flat corrective structure, which began from the 1.0450 lows earlier. Ideally, the bears should be back in control from here and resume lower towards its larger-degree downtrend and break below 1.0450 going forward. Prices should stay below 1.1275 to keep the above bearish structure intact.
EUR/USD is also indicating a bearish divergence on the 4H RSI as highlighted on the chart here. As prices rallied past the 1.0960 high, the RSI failed to break higher, which is a highly probable indicator of a potential turn ahead. Only a significant push above 1.1100 would nullify the above bearish structure. For now, the bears are poised to break below 1.0825.
A potential trend reversal against 1.1275 to resume soon.
Good luck!
Your IP address shows that you are currently located in the USA. If you are a resident of the United States, you are prohibited from using the services of InstaFintech Group including online trading, online transfers, deposit/withdrawal of funds, etc.
If you think you are seeing this message by mistake and your location is not the US, kindly proceed to the website. Otherwise, you must leave the website in order to comply with government restrictions.
Why does your IP address show your location as the USA?
Please confirm whether you are a US resident or not by clicking the relevant button below. If you choose the wrong option, being a US resident, you will not be able to open an account with InstaTrade anyway.
We are sorry for any inconvenience caused by this message.
