GBPUSD - A Bullish Trend with a Cautionary Note

26 May

Hey traders! Let's dive into the EUR/USD market analysis. While many are eyeing a shorting opportunity at 1.2743, leveraging RSI Divergence, it's crucial to acknowledge the overarching bullish trend on both daily and weekly charts.

Currently, the market is hovering around a critical support level at 1.2723. A 20-pip move might not be substantial, but it can be a telling sign. Here's what to watch out for:

• If the market bounces from this support level, it could indicate a continued bullish trend.
  
• A breakdown below 1.2723 might attract more sellers, potentially leading to a short-term correction.
  

Keep in mind that the bullish trend on higher time frames still holds sway. Let's monitor the market's reaction at this support level before making a move.

Stay vigilant, and let's trade wisely!