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EURUSD approaching end of the decline.

EURUSD made a new lower low today at 1.1250. Price is now at 1.1316. Trend remains bearish as price continues making lower lows and lower highs. Today the RSI has provided a bullish divergence as it did not make a lower low.

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Blue lines - bullish divergence

The bullish divergence is warning that the downtrend is weakening. This is not a reversal signal. Resistance is at yesterday's high at 1.1375. Breaking above this level would be an important sign of strength and the first sign of a reversal. At current levels I prefer to be neutral EURUSD and not bearish anymore. Price has the potential to bounce strongly if not make a major low and major reversal.

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Black lines -Fibonacci retracements

EURUSD has so far retraced 61.8% of the entire upward movement. At 61.8% retracement levels we usually see trend reversals. This is key Fibonacci support. This is another reason why I prefer to be cautious. We were bearish near 1.22 and we believe now it is time be cautious and that bears should take at least partial profits.

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