EUR/USD renewed its move to the downside and if it reaches the limit of the pennant pattern then the pair should fall to 1.04000.
On the other hand, the first target of RSI divergence>>> on the daily time frame has been reached at 1.07434. The pair has even climbed above it to 1.08285 forming a new high finishing the pennant pattern.
For that reason I have no doubt that the RSI divergence will reach its next targets too. That in turn means that the pair will probably attempt to test the local low at 1.0340 and after that it should renew its move to the upside.
To remind you, the next targets of the RSI divergence are at 1.10119, 1.10431, 1.11402.
Good posts, very helpful for all traders.
ReplyDeleteIt did continue moving to the downside.
ReplyDeleteExcellent analsyis, thank you!
ReplyDeleteThanks for such an informative analysis.
ReplyDeleteInteresting read.
ReplyDeleteGood post!
ReplyDeleteGood insight.
ReplyDeleteI agree with your point of view.
ReplyDelete