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22.11.2023 03:49 PM
Blue lines - Fibonacci retracement levels
Red line- support trend line
EURUSD is trading around 1.09. In our previous analysis we noted the importance of resistance at the 1.0958 level where we find the 61.8% Fibonacci retracement level. As expected price paused its advance when it reached that level. Price is pulling back. Is this a rejection or just a short-term pull back? Technically trend remains bullish as price continues making higher highs and higher lows. Price remains above the red upward sloping support trend line and as long as this is the case, bulls are in control of the short-term trend. Support is key at 1.0828. The RSI has not followed price to a new higher high. The RSI provided yesterday the first bearish divergence sign. This is not a reversal signal but only a warning. Bulls need to be cautious.
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