EURUSD has reached confluence resistance and may head lower now
In the last couple of weeks, EURUSD has managed to bounce significantly after establishing a new year low at around 1.0880.
However, the rally may be coming to end soon. The daily chart shows that the pair is very close to a major resistance zone, defined by the upper trendline of a descending wedge and the 38.2% Fib of the 2019 decline. At the same time, 10-day RSI is giving an overbought signal. A possible move towards 1.10 should not be ruled out.
www.dailyfx.com/espa...-no-desaparecen.html
However, the rally may be coming to end soon. The daily chart shows that the pair is very close to a major resistance zone, defined by the upper trendline of a descending wedge and the 38.2% Fib of the 2019 decline. At the same time, 10-day RSI is giving an overbought signal. A possible move towards 1.10 should not be ruled out.
www.dailyfx.com/espa...-no-desaparecen.html