EUR/USD - RSI DIVERGENCE | OVERBOUGHT STOCHASTIC / TREND LINE
EUR/USD has consolodated for the past few weeks and has recently pushed higher. Indicators suggest a reversal from here.
VERDICT: Due to the reasons above, I forecast EUR/USD to fall in the short/mid term and will look to open a short position when the opportunity presents itself. Bear case strengthens if price closes below {1.1331} on the weekly candle.
- Daily Bearish RSI Divergence
- Trend Line Rejection
- Daily Stochastic Overbought
- Potential 200WMA Rejection (Weekly Candle) @ {1.1331}
VERDICT: Due to the reasons above, I forecast EUR/USD to fall in the short/mid term and will look to open a short position when the opportunity presents itself. Bear case strengthens if price closes below {1.1331} on the weekly candle.
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NOTE: 200WMA translated onto daily chart, as shown above, is off by ~70pts