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EURUSD confirms short-term trend reversal.

As we were expecting for some time, EURUSD has finally confirmed the short-term trend change from bearish to bullish. We were warned by the bullish RSI divergence and recent price action that a reversal was imminent. Every time price was below 1.18 and above 1.1750 we said that this is a buying opportunity.

analytics61006a834d3bb.jpg

Red line - resistance

Blue line - bullish Divergence

EURUSD today broke above the short-term resistance trend line. Price has started making higher highs and higher lows. Sell stop protection for bulls is the recent low at 1.1752. Bulls do not want to see price break below this level no matter what. Next upside target is at 1.1950 and this is also a major Fibonacci resistance. Bulls need to break above this level in order to continue higher.

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