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EURUSD close to confirming bullish reversal.

The last few sessions when EURUSD was trading below 1.18, we stayed firm on our view that between 1.1750 and 1.18 we saw an important buying area and that the bullish scenario was valid as long as the major neckline of 1.1750 was respected.

analytics60fedf1b46200.jpg

Red line - neck line support

Blue line -bullish divergence

EURUSD remains above the key support neck line. Price is bouncing off the support trend line. We remain bullish for EURUSD and expect a trend reversal confirmation. Until now we only had bullish divergence in the RSI as important warnings for an imminent reversal to the upside.

analytics60fedf6d9ffe1.jpg

Red line -resistance

Blue line -bullish divergence

EURUSD price is challenging important short-term resistance at 1.1815. Breaking above this resistance trend line will be an important bullish reversal signal. If bulls recapture 1.1830, then the recent low of 1.1760 will be the stop for any bullish position. We continue to expect a big upward bounce towards 1.19-1.20 area and we continue to consider 1.18-1.1750 a great buy area with best risk reward for bulls.

The material has been provided by InstaForex Company - www.instaforex.com