empty
 
 
28.09.2021 03:47 PM
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.

This image is no longer relevant

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.

Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $1000 more!
    In April we raffle $1000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback