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Technical analysis on EURUSD for July 19, 2021.

EURUSD remains in a bearish trend with several reversal warnings by the RSI. We continue to observe a bullish divergence but there is no confirmation yet of a reversal. Price has formed a downward sloping wedge. Price is also challenging the major Head and Shoulders neckline.

analytics60f5db1c7df32.jpg

Blue lines - bullish divergence

Red line - major support

Black line - resistance

EURUSD continues making lower lows and lower highs. The RSI continues to make higher lows and continues to warn of a coming upward reversal. I continue to believe the area around and below 1.18 is a buying area with stops at 1.1750 where we find the major neckline support (Red). Resistance is found at 1.1830. A break above it will be a bullish signal. This is the confirmation bulls are waiting for.

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