04.10.201808:52 Forex Analysis & Reviews: Technical analysis of EUR/USD for October 4, 2018

Long-term review

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EUR/USD has entered a buy zone. Selling pressures are expected to soon stop and prices to reverse to the upside. Technically we remain in a bearish trend but I believe that the bullish divergence signs will play out this time. Bullish reversal confirmation will come with a break above 1.1555.

Red lines - bullish wedge pattern

Red line RSI- Bullish divergence

EUR/USD is touching the lower wedge boundary. This is support area. With a triple bullish divergence, I expect EUR/USD to start moving higher from today. Resistance is at 1.1555. I do not expect EUR/USD to move much lower as I believe the bearish trend is exhausted. I'm bullish at current levels.

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