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11.08.202117:13 Forex Analysis & Reviews: EURUSD bears need to be cautious.

EURUSD has broken below support of 1.1750. Technically trend remains bearish. However there are some warning signs by the RSI that bears should not ignore.

Exchange Rates 11.08.2021 analysis

Blue lines - bullish divergence

EURUSD is making lower lows and lower highs in the Daily chart but the RSI is making higher lows. This bullish divergence implies that the bearish trend is weakening and price could make a bounce soon. This is not a reversal signal but only a warning. The recent lows are the third new lower low where the RSI is not following. Traders need to be cautious as a move above 1.18 could signal that the breakdown was a fake one.

*Analisis pasar yang diposting disini dimaksudkan untuk meningkatkan pengetahuan Anda namun tidak untuk memberi instruksi trading.

Alexandros Yfantis,
Analytical expert of InstaSpot
© 2007-2024
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