1.1541 area has proved to be a strong support for Euro. We have quite a few taps around this area, and we have seen strong price action from the bulls. 9 day moving average is flattening, suggesting a near term bottom, but 50 day moving average is coming down, and would likely cap recent bounce for Euro. Notice that
1. Hourly price action seems exhausted, with bearish divergence developing. This suggests that price is to at least come down to test the 9 day moving average.
2. Consecutive hidden bearish divergence found from the recent two bounces. That is: price makes lower high, but indicators make higher highs. This is usually the suggestion that selling pressure is huge in a downtrend, and price is likely to fall further.
1. Hourly price action seems exhausted, with bearish divergence developing. This suggests that price is to at least come down to test the 9 day moving average.
2. Consecutive hidden bearish divergence found from the recent two bounces. That is: price makes lower high, but indicators make higher highs. This is usually the suggestion that selling pressure is huge in a downtrend, and price is likely to fall further.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.