28.09.202115:47 Forex Analysis & Reviews: Bears remain in control of the short-term trend in EURUSD.

EURUSD is making new lower lows and lower highs. Trend remains clearly bearish as price continues to trade inside the bearish channel. The RSI continues to provide a bullish divergence as price is not making new lows. This is only a warning and not a reversal signal.

Exchange Rates 28.09.2021 analysis

Black lines- bearish channel

Blue lines- bullish divergence

EURUSD justifies a strong bounce from current levels. Bearish trend is weakening according to the RSI. A bounce towards 1.17-1.1750 is justified from current levels, but this does not mean that traders should rush and turn bullish. There is no reversal signal. Only a warning that the downtrend could soon be over. If bears remain strong and push price even lower, the RSI will most probably cancel the bullish divergence warning signal. That is why traders need to be patient now.


Alexandros Yfantis,
Analytical expert of InstaForex
© 2007-2021

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