empty
 
 
08.07.2020 05:30 PM
EURUSD back tests triangle and bounces off support

EURUSD yesterday back tested the key short-term support area of 1.1265-85. This was once resistance and is now support. The bounce off the support level and the recapturing of 1.13 are bullish signs.

This image is no longer relevant

Red line - resistance

Green line- support

EURUSD broke above the upper triangle boundary, pulled back as a back test and is now bouncing to new higher highs. The RSI is lagging behind and we should pay close attention to this indicator as a bearish divergence would make us very cautious. If the RSI follows and makes new higher highs as well, then we should expect this up trend to continue and finally see levels above 1.14. Trend remains bullish as long as price is above yesterday lows. As we explained in our weekly analysis, EURUSD bulls need to recapture 1.13 and stay above it on a weekly basis.

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 $8000 more!
    In March we raffle $8000 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