EURUSD continues to trade inside the short-term upward sloping channel from the 1.1750 low. Price so far respects the lower channel boundary and each time price reaches this level, a bounce follows with higher highs and higher lows.
Blue lines – bullish channel
EURUSD is climbing higher but as we warned in a previous analysis, the RSI isn’t. This is a warning and not a reversal signal. The bearish divergence in the 1 hour chart could be a sign that a pull back towards 1.18-1.1820 is imminent. Trend remains bullish as long as price is above 1.1750. Below that level we expect 1.16 to be tested. Support is found at 1.1850, Bears need to at least break below this level in order to hope for challenging 1.16. Currently we prefer to be neutral and take short position if price breaks below 1.1850 support, looking at least for a pull back towards 1.1750.
The material has been provided by InstaForex Company – www.instaforex.com
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