EURUSD is showing bullish divergence signs in the 4 hour chart. This is a warning for EURUSD bears but we still have no reversal confirmation yet. Medium-term trend remains bearish.
Red line - major trend line resistance
Blue lines - bullish divergence
EURUSD is trading just above 1.12, The new lows were not followed by new RSI lows and this bullish divergence is the first important warning for EURUSD bears. Short- and medium-term trend remain bearish, but we could see the short-term trend change to bullish as a bounce towards 1.13-1.1350 could be seen. Short-term resistance is at 1.1250 and breaking above it will change the short-term trend to bullish. As long as EURUSD is below 1.14 medium-term trend remains bearish.
The material has been provided by InstaForex Company - www.instaforex.com
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