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EURUSD bears need to be cautious.

EURUSD has broken below support of 1.1750. Technically trend remains bearish. However there are some warning signs by the RSI that bears should not ignore.

analytics6113e6d79f7bc.jpg

Blue lines - bullish divergence

EURUSD is making lower lows and lower highs in the Daily chart but the RSI is making higher lows. This bullish divergence implies that the bearish trend is weakening and price could make a bounce soon. This is not a reversal signal but only a warning. The recent lows are the third new lower low where the RSI is not following. Traders need to be cautious as a move above 1.18 could signal that the breakdown was a fake one.

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