empty
 
 
29.05.2023 02:51 PM
Technical analysis on EURUSD for May 29th, 2023.

This image is no longer relevant

Red lines- bearish channel

Blue line- bullish RSI divergence

EURUSD is trading around 1.0720 as price continues making lower lows and lower highs. Price remains inside the downward sloping red channel. The RSI has already provided us a couple bullish divergences, suggesting that the down trend is weakening. However this is only a warning and not a reversal signal. Recent lower high at 1.0760 is a key short-term resistance level. Bulls need to break above this level in order to increase the chances of a bigger upward reversal and a bigger move higher. Until then we remain bearish looking for price to move below 1.07. Bears remain in full control of the trend.

Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $9000 more!
    In May we raffle $9000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback