Wednesday, 6 November 2013

EUR/USD bullish divergence

EUR/USD D1 chart

Price seems to find a support again at the bullish trendline and looks like there is a strong resistance above the 38% of Fibonacci Retracement.

Adding to that is a bullish divergence from the low on 6th-September to the higher low on 4th-November against the lower lows of the indicators.

One more good indicator that the short bearish trend is done is the ADX line starting to show a downward bend.

I placed my long entry just above today's high as per this writing.

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