EUR/USD Price Analysis: Bullish hourly divergence, 38.2% ratio eyed

EUR/USD bears in control below the 200-hour EMA.
A bullish correction could play out in the forthcoming hours.

Ross J Burland FXStreet

EUR/USD has stalled and is steady in the open. The bears have been in control to this point after breaking back below the 200-hour EMA. There are prospects of lower lows, although the following analysis identifies bullish RSI divergence.

EUR/USD hourly charts

The bulls are being pressured with the price recently falling below the 200-hour EMA. Traders are looking for shorts in a bearish trending market. However, optimal entry points are what matter and bears might need to consider the following analysis that cautions a near-term bullish correction.

EUR/USD bullish divergence

The price is crawling across the prior day's closing but we have bullish divergence. This would be expected to equate in the price correcting towards at least the 38.2% Fibonacci retracement level prior to extending to the downside.

Author

Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

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