Bullish divergence is present in support which is a strong signal.. But confirmation is pending.. Next resistance is present near 1.17 and also momentum resistance...
Some event is coming.... do trade keeping that in mind...
Death cross... so i prefer selling when price reaches around 200ma...
FX:EURUSD
Midterm forecast:
1.2090 is a major resistance, while this level is not broken, the Midterm wave will be downtrend.
Technical analysis:
. The RSI bounced from the downtrend #1 and it prevented price from more gains.
. A peak is formed in daily chart at 1.1840 on 06/07/2018, so more losses to support(s) 1.1510, 1.1440, 1.1180 and more depths is expected.
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From our analysis, it seems the pair breached out of the bearish channel & the key resistance
On holding above the key resistance, it is expected to go up and would reach the respective targets.
The pair is currently at the major market structure, we can also see that it reacted very well to the support zone. Expect very bullish trend in the upcoming days after the GDP number release of EUR! The numbers will be positive or neutral for the most part and also since DXY is falling , EU will go up!
From our analysis, the pair after break outs from the strong support with engulfing candle
it can reach 1.18105 value 0.618 retracement on the upside corrective rally the price decide to actions further at that point
