EUR/USD Approaching Important Area
- EUR/USD has been contained in a multi-month channel, and is now approaching the bottom of the channel
- There is divergence on the RSI where PA is making lower highs/lower lows and RSI is making higher highs/higher lows
- There is also divergence on the MACD, where PA is making lower lows while the MACD higher lows
- Bullish MACD crossover
These factors give a short term bullish bias if the bottom of the channel holds. This will be the 3rd touch of the trendline, so it is important that it holds for this idea to be valid.
It is also very important to consider the upcoming FOMC meetings/potential rate hike that could be coming in June/July that could totally change the outlook for this pair.
Any feedback is appreciated!
- There is divergence on the RSI where PA is making lower highs/lower lows and RSI is making higher highs/higher lows
- There is also divergence on the MACD, where PA is making lower lows while the MACD higher lows
- Bullish MACD crossover
These factors give a short term bullish bias if the bottom of the channel holds. This will be the 3rd touch of the trendline, so it is important that it holds for this idea to be valid.
It is also very important to consider the upcoming FOMC meetings/potential rate hike that could be coming in June/July that could totally change the outlook for this pair.
Any feedback is appreciated!
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