EURUSD daily - imminent drop
EURUSD is inside a rising wedge pattern on the upper part of it. There is no more room for EURUSD to go up without consolidation or correction of the price.
It is above all major MA which is bullish.
RSI is overbought and has strong bearish/negative divergences which indicate on likely drop in the asset.
MACD histogram and lines are bullish, but it also has strong bearish divergences.
Overall: the chance for an imminent drop is very high. Will it be just a healthy correction we will see in several next days? The first major support will be at the lower trend line and 20 days MA which both should act as a support areas. with a drop below the lower trend line short position would be triggered. Both RSI and MACD suggest the correction is in front of us.
It is above all major MA which is bullish.
RSI is overbought and has strong bearish/negative divergences which indicate on likely drop in the asset.
MACD histogram and lines are bullish, but it also has strong bearish divergences.
Overall: the chance for an imminent drop is very high. Will it be just a healthy correction we will see in several next days? The first major support will be at the lower trend line and 20 days MA which both should act as a support areas. with a drop below the lower trend line short position would be triggered. Both RSI and MACD suggest the correction is in front of us.
Consistency is the key of success....
Feragatname
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