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EURUSD Chart Near-Term Bullish After Outside Range Day

EURUSD Chart Near-Term Bullish After Outside Range Day

Martin Essex, MSTA, Analyst

EURUSD chart analysis:

  • The candlestick chart of EURUSD shows an outside range day Wednesday, suggesting a move to the upside after the recent weakness of the EURUSD price.
  • The RSI also rose, as did volume, adding conviction to the signal.

EURUSD chart bullish after outside range day

The EURUSD chart is looking bullish after an outside range day Wednesday, when the high was higher than Tuesday, the low was lower and the close was higher.

EURUSD Price Chart, Daily Timeframe (October 5 – November 29, 2018)

Latest EURUSD price chart.

Chart by IG

The EURUSD price has been falling since it hit a high of 1.1816 on September 24 so the chart pattern can be seen as a likely predictor of a trend change higher rather than as a continuation signal.

Moreover, as the chart above shows, the 14-day relative strength indicator (RSI) also moved up on Wednesday and volume was higher too, reinforcing the bullish message.

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--- Written by Martin Essex, Analyst and Editor

Feel free to contact me via the comments section below, via email at martin.essex@ig.com or on Twitter @MartinSEssex

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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