after 1 month long bullish rally on EURUSD,
it looks like we finally see a strong reversal signal.
on a daily, the price went rejected after an attempt to violate a key weekly resistance
and the previous daily bullish candle was eaten by a strong bearish engulfing candle.
in conjunction with rsi divergence, it looks like the market is ready for a pullback.
for now, the first goal is 1.1625. it's based on the 382 retracement of the last bullish leg.
I guess the price will need at least one week to reach that goal.
please note, that it is not a sell signal.
I would suggest looking for a safe entry on a lower time frame.
Note
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.