empty
 
 
26.07.2021 06:17 PM
EURUSD close to confirming bullish reversal.

The last few sessions when EURUSD was trading below 1.18, we stayed firm on our view that between 1.1750 and 1.18 we saw an important buying area and that the bullish scenario was valid as long as the major neckline of 1.1750 was respected.

This image is no longer relevant

Red line - neck line support

Blue line -bullish divergence

EURUSD remains above the key support neck line. Price is bouncing off the support trend line. We remain bullish for EURUSD and expect a trend reversal confirmation. Until now we only had bullish divergence in the RSI as important warnings for an imminent reversal to the upside.

This image is no longer relevant

Red line -resistance

Blue line -bullish divergence

EURUSD price is challenging important short-term resistance at 1.1815. Breaking above this resistance trend line will be an important bullish reversal signal. If bulls recapture 1.1830, then the recent low of 1.1760 will be the stop for any bullish position. We continue to expect a big upward bounce towards 1.19-1.20 area and we continue to consider 1.18-1.1750 a great buy area with best risk reward for bulls.

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