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11.06.202022:11 Forex Analysis & Reviews: EURUSD confirms our warning signals from our last analysis

EURUSD is breaking below the bullish channel. In our last analysis we warned bulls of the bearish divergence signs by the RSI. The RSI was not making new highs as price was and this was a sign of weakness as we explained yesterday. Price is now challenging channel support.

Exchange Rates 11.06.2020 analysis

Blue lines - bullish channel

Black line - bearish divergnce

EURUSD is breaking lower. Support at 1.13 is now being tested. A break below it will open the way for a move much lower towards 1.1150. Resistance is now at 1.1360 and as long as price is below that level I'm bearish looking for a pull back. First target is at 1.1175 and next at 1.1020.

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

Alexandros Yfantis,
Analytical expert of InstaForex
© 2007-2022
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