EUR/USD - RSI DIVERGENCE | OVERBOUGHT STOCHASTIC / TREND LINE
EUR/USD has consolodated for the past few weeks and has recently pushed higher. Indicators suggest a reversal from here.
VERDICT: Due to the reasons above, I forecast EUR/USD to fall in the short/mid term and will look to open a short position when the opportunity presents itself. Bear case strengthens if price closes below {1.1331} on the weekly candle.
- Daily Bearish RSI Divergence
- Trend Line Rejection
- Daily Stochastic Overbought
- Potential 200WMA Rejection (Weekly Candle) @ {1.1331}
VERDICT: Due to the reasons above, I forecast EUR/USD to fall in the short/mid term and will look to open a short position when the opportunity presents itself. Bear case strengthens if price closes below {1.1331} on the weekly candle.
Note
NOTE: 200WMA translated onto daily chart, as shown above, is off by ~70pts
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.