02.12.202215:41 Forex Analysis & Reviews: Short-term technical analysis on EURUSD for December 2nd, 2022.

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Green lines- Fibonacci retracements

Red line- RSI bearish divergence

EURUSD is trading above 1.05. Short-term trend remains bullish as price is approaching the first important Fibonacci resistance level at the 38% retracement at 1.0590. The RSI however provides an important warning in the Daily chart. The RSI has not made a higher highs, instead it provided a bearish divergence. This is not a reversal signal but an important warning bulls should not ignore. With non-farm Payrolls due out today, volatility is expected to rise and we should not be surprised if price gets rejected at the 38% retracement and a pull back starts. Major support is at the 1.0290 low and below that level we will be talking about a short-term trend reversal.

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