03.09.202111:54 Forex Analysis & Reviews: EURUSD approaches our 1.19 target.

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

Since the reversal from 1.17, we have been expecting for EURUSD to make a strong bounce at least towards the 38% Fibonacci retracement of the entire decline. Price remains inside the bullish channel and as long as this is the case, we expect EURUSD to continue higher. The bullish RSI divergence initially warned bears of the weakening down trend.

Red lines - Bullish divergence

Black lines - bullish channel

Blue lines - Fibonacci retracement

EURUSD is still inside a bullish channel. Even a pull back towards 1.1830 is justified and will not cancel the short-term bullish trend. The RSI is approaching overbought levels in the four hour chart and this is another reason why a pull back is justified from current levels.

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.