Euro Potential Bounce Against The Dollar | EURUSD
The chart for the Euro / U.S. Dollar (EURUSD) is showing some bullish signals pointing to a bounce.
I am seeing a loss of momentum on the downside and a support that was tested twice (grey lines) and held strong.
We can see strong bullish divergence building up with the MACD and RSI (purple arrows). After the bullish divergence came the higher low. The last time this happened a bounce pushed the price back up to EMA200.
I've drawn multiple arrows on the chart to show the scenarios that can develop based on the signals above.
Conditions for change
The Euro is likely to move up against the Dollar, but if the daily close for EURUSD moves below EMA10, it is likely to test the last low again at 1.09318.
Let's see how it goes...
Thanks a lot for reading.
Namaste.
I am seeing a loss of momentum on the downside and a support that was tested twice (grey lines) and held strong.
We can see strong bullish divergence building up with the MACD and RSI (purple arrows). After the bullish divergence came the higher low. The last time this happened a bounce pushed the price back up to EMA200.
I've drawn multiple arrows on the chart to show the scenarios that can develop based on the signals above.
Conditions for change
The Euro is likely to move up against the Dollar, but if the daily close for EURUSD moves below EMA10, it is likely to test the last low again at 1.09318.
Let's see how it goes...
Thanks a lot for reading.
Namaste.
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