Technical analysis on EURUSD for April 17th, 2023.
April 17, 2023 6:23 pm
Blue lines- bullish channel
Red lines- bearish RSI divergence
EURUSD is trading around 1.0922. After a new weekly high last week at 1.1076, price is under pressure at the beginning of this week. Last week’s higher high was not followed by a higher high in the RSI. The RSI provided another bearish divergence. EURUSD remains inside the bullish channel but is vulnerable to a pull back. Channel support is found at 1.0750. Price is vulnerable to a move towards the lower channel boundary. Technically trend remains bullish as price continues making higher highs and higher lows inside the blue upward sloping channel. A break below 1.05 will confirm the end of the entire upward move that started in September of 2022. Currently our most probable scenario is for price to move close to the lower channel boundary and form a new higher low.
The material has been provided by InstaForex Company – www.instaforex.com
Blue lines- bullish channel
Red lines- bearish RSI divergence
EURUSD is trading around 1.0922. After a new weekly high last week at 1.1076, price is under pressure at the beginning of this week. Last week’s higher high was not followed by a higher high in the RSI. The RSI provided another bearish divergence. EURUSD remains inside the bullish channel but is vulnerable to a pull back. Channel support is found at 1.0750. Price is vulnerable to a move towards the lower channel boundary. Technically trend remains bullish as price continues making higher highs and higher lows inside the blue upward sloping channel. A break below 1.05 will confirm the end of the entire upward move that started in September of 2022. Currently our most probable scenario is for price to move close to the lower channel boundary and form a new higher low.
The material has been provided by InstaForex Company – www.instaforex.com
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