Bearish rejection at short-term resistance in EURUSD
May 1, 2019 9:21 pm
EURUSD bounced as expected towards 1.12 and closer to the upper channel boundary and got rejected. Medium-term trend remains bearish as long as we trade below 1.1350 and any bounce is still considered as selling opportunity.
Black lines – wedge pattern
Red lines – bearish channel
EURUSD remains inside the red bearish channel since 1.1550 and continues to make lower lows and lower highs. At the same time price is getting rejected once price reaches the upper channel boundary. Price was oversold at 1.1115 and as we expected price bounced towards 1.12. Price topped today at 1.1264 and the daily candle so far is very bearish. Bulls need to break and close above today’s highs for a meaningful bounce to follow. Until then we expect price to continue lower towards 1.11.
The material has been provided by InstaForex Company – www.instaforex.com
EURUSD bounced as expected towards 1.12 and closer to the upper channel boundary and got rejected. Medium-term trend remains bearish as long as we trade below 1.1350 and any bounce is still considered as selling opportunity.
Black lines – wedge pattern
Red lines – bearish channel
EURUSD remains inside the red bearish channel since 1.1550 and continues to make lower lows and lower highs. At the same time price is getting rejected once price reaches the upper channel boundary. Price was oversold at 1.1115 and as we expected price bounced towards 1.12. Price topped today at 1.1264 and the daily candle so far is very bearish. Bulls need to break and close above today’s highs for a meaningful bounce to follow. Until then we expect price to continue lower towards 1.11.
The material has been provided by InstaForex Company – www.instaforex.com
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