English
Bullish RSI divergence and a collapsing wedge entice buyers below 1.0200 on the EUR/USD price chart
EUR/USD gains bids around multi-year bottom within a bullish chart formation. The bullish RSI divergence strengthens the uptrend. 100-HMA's two-week-old prior support adds to the upside filtering. During Friday's Asian session, the EUR/USD consolidated losses at the lowest levels since 2002, gaining bids to 1.0165.
Since Wednesday, the main currency pair has been trading primarily sideways, which reflects the falling wedge bullish chart pattern on the hourly time frame.
In addition to luring EUR/USD investors, the bullish RSI divergence is also provocative. Prices have recently been creating lower lows, while the RSI (14) depicts higher lows, indicating a positive accumulation of momentum.
However, a decisive break over the 1.0190 resistance level looks required to confirm the falling wedge. However, a fourteen-day-long resistance line and the 100-HMA might challenge the pair's further advance at 1.0280 and 1.0290, respectively.
In the meanwhile, pullbacks might revisit the recent multi-year low of 1.0144 before the EUR/USD bears are challenged by the wedge's support line at 1.0135.
In the event that EUR/USD prices stay under pressure below 1.0135, it is not impossible to see the psychological 1.0000 level on the chart.
Bonus rebate to help investors grow in the trading world!
