EURUSD yesterday back tested the broken resistance and is bouncing higher as expected. As explained in several previous posts, EURUSD was in buy area when it was trading below 1.18 and above 1.1750. A reversal was imminent as the RSI was providing bullish divergence signals.
Blue line- bullish divergence
EURUSD continues making higher highs and higher lows in the short-term as explained in our previous posts. EURUSD was expected to make an upward reversal and move higher towards 1.19-1.20. EURUSD is approaching our first target at the 38% Fibonacci retracement at 1.1943. We remain bullish EURUSD.
The material has been provided by InstaForex Company - www.instaforex.com