Possible negative divergence formation | 30 July 2020
30 July 2020, EUR/USD
Wave Analysis
According to the 4 hours chart attached, late last week, while the stochastic was above 80, the price was around 1.17620, Today, the price is above 1.17620 while the stochastic is below the 80 level, this is a possible bearish negative divergence, which means we expect a possible momentum, to the lower side. The anticipated bearish price rally is the continuation of a correction to the lower side and should break below 1.17160 towards 1.13980. This view can only be invalidated in case the price breaks and closes above 1.18070.
Trade Recommendations:
Look for low risk sell positions
The author's opinion reflects their personal view and is not an investment recommendation. The company is not responsible for any trading results based on the provided analytical data.
