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EURUSD rose through 1.0903 in the early Asian session on Monday. The single currency pair is seen to be trading close to 1.0895 at this point in writing as the bears prepare to take control back. Prices have reached the resistance zone as marked on the daily chart here and could turn lower from here. The upside remains limited going forward.
EURUSD is close to terminating its larger-degree corrective wave, which began from 0.9535 back in September 2022. The bulls have managed to remain in control for the past several weeks taking out major resistance at 1.0786 over the last week. They will likely take a break as the bears prepare to drag lower towards 1.0380 and down to 1.0050 going forward.
EURUSD has also been accompanied by bearish divergence on the RSI on several different timeframes (hourly, 4H and Daily). This could also be a potential turning point and trend reversal. A break below 1.0481, which is immediate price support, will confirm a meaningful top in place above 1.0900. The instrument is looking lower from here soon.
Potential bearish reversal against 1.0950-70.
Good luck!
*এখানে পোস্ট করা মার্কেট বিশ্লেষণ আপনার সচেতনতা বৃদ্ধির জন্য প্রদান করা হয়, ট্রেড করার নির্দেশনা প্রদানের জন্য প্রদান করা হয় না।
ইন্সটাফরেক্স বিশ্লেষণমূলক পর্যালোচনাগুলো আপনাকে মার্কেট প্রবণতা সম্পর্কে পুরোপুরি সচেতন করবে! ইন্সটাফরেক্সের একজন গ্রাহক হওয়ায়, দক্ষ ট্রেডিং এর জন্য আপনাকে অনেক সেবা বিনামূল্যে প্রদান করা হয়।
