EURUSD remains in a bearish trend with several reversal warnings by the RSI. We continue to observe a bullish divergence but there is no confirmation yet of a reversal. Price has formed a downward sloping wedge. Price is also challenging the major Head and Shoulders neckline.
Red line - major support
Black line - resistance
EURUSD continues making lower lows and lower highs. The RSI continues to make higher lows and continues to warn of a coming upward reversal. I continue to believe the area around and below 1.18 is a buying area with stops at 1.1750 where we find the major neckline support (Red). Resistance is found at 1.1830. A break above it will be a bullish signal. This is the confirmation bulls are waiting for.
