EURUSD: Double Bearish Divergence

The price bounced from 1.20000 resistance zone. RSI and MACD confirmed the price reversal. At the same time, we got a double bearish divergence which is a solid trend reversal signal. If the price breaks the local uptrend line, it will be an additional bearish signal supporting the further downward movement. The breakout will give us new trade opportunities in the daily and hourly timeframes. Stop orders must be placed above the local swing highs and the profit targets should be at the daily SMA50 and 1.14000 support zone.



Disclaimer!
This post does not provide financial advice. It is for educational purposes only! You can use the information from the post to make your own trading plan for the market. But you must do your own research and use it as the priority. Trading is risky, and it is not suitable for everyone. Only you can be responsible for your trading.