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EURUSD respects support, what we expect next.

EURUSD has so far respected the neckline support at 1.1750 of the long-term head and shoulders pattern. Price continues making lower lows and providing bullish RSI divergence signals.

analytics60f8370dd8d30.jpg

Red line - neckline support

Blue line -bullish divergence

Technically trend remains bearish. Price is at key long-term support. The most probable scenario for me is to see price break to the upside and move towards 1.19-1.20 at least. There is no trend reversal confirmation yet. The area below 1.18 I still consider it to be a great buy area. I believe by the end of the week we will see volatility rise in EURUSD and will have more data to analyze and speculate if a reversal is coming or downtrend resumes.

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