Technical analysis for EUR/USD for February 14, 2019
February 14, 2019 9:24 am
EUR/USD made a sharp reversal lower yesterday to new lows at 1.1250. Despite the new low, RSI did not confirm it providing another bullish divergence. I continue to expect price to move towards our short-term bounce targets.
Black lines – bullish divergence
Black rectangles – bounce targets
Red line – major trend line resistance
Green line – trend line support
EUR/USD made a new lower low yesterday but the glaring bullish divergence deter me from turning full bearish at current levels. I prefer to be neutral and wait for a bounce towards 1.1350-1.14 area closer to the red trend line resistance. Although medium-term trend remains bearish, I expect a short-term bounce for a better short-position entry with a better risk/reward ratio.
The material has been provided by InstaForex Company – www.instaforex.com
EUR/USD made a sharp reversal lower yesterday to new lows at 1.1250. Despite the new low, RSI did not confirm it providing another bullish divergence. I continue to expect price to move towards our short-term bounce targets.
Black lines – bullish divergence
Black rectangles – bounce targets
Red line – major trend line resistance
Green line – trend line support
EUR/USD made a new lower low yesterday but the glaring bullish divergence deter me from turning full bearish at current levels. I prefer to be neutral and wait for a bounce towards 1.1350-1.14 area closer to the red trend line resistance. Although medium-term trend remains bearish, I expect a short-term bounce for a better short-position entry with a better risk/reward ratio.
The material has been provided by InstaForex Company – www.instaforex.com
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