Monitoring the Turning Point
The GBPUSD pair has been displaying a volatile behavior over the past few weeks, with prices swinging in both directions. Amidst the volatility, traders are monitoring the market closely to identify potential opportunities and risks.
• Chart time-zone is UTC (+03:00)
• Candles’ time-frame is 4h.
EURUSD has been climbing up a bullish channel, with the price line steadily increasing over the past several weeks. However, the current price is now at the top line of the channel, which may signal a potential correction phase. Furthermore, the Relative Strength Index (RSI) is showing negative divergence, suggesting that the momentum of the bullish trend may be weakening. This combination of factors indicates that a trend reversal is possible in the near future. Traders may want to keep a close eye on the price action in the coming days and weeks to identify potential opportunities and risks. Overall, the EURUSD analysis suggests that the market may be reaching a turning point, and it will be important to monitor key indicators to determine whether a trend reversal is indeed imminent.
• DISCLAIMER: Please note that the above analysis is not an investment suggestion by “Capitalcore Ltd”. This post has been published only for educational purposes.