Technical analysis
The EURUSD has FORMED bullish price divergence on the RSI indicator until the 1.1900 level. The daily time frame is still making lower lows to buying is still quite risky.
According to the daily time frame the EURUSD pair is trading inside a falling wedge pattern. Typically, falling wedge patterns are very reliable bullish reversal patterns.
What the possible outcomes are
In our most likely scenario, the EURUSD pair will eventually rise back towards the 1.1900 level in order for bullish RSI price divergence to be reversed.
Alternatively, the EURUSD could break under the falling wedge pattern and fall towards the yearly trading low, around 1.1700 level, or possibly even the 1.1600 level.
Key levels
Support 1.1700 1.1600
Resistance 1.1830 1.1900
