Over the ocean, the main indices also showed a marked decline: it was to be expected after the S & P500 on Friday tested a key resistance level of 1,515 points and drew a reversal signals bearish divergence
Rally slowing: The 1H chart shows a bit of bearish divergence
with the RSI.
33 and at the same time its showing a bearish divergence
on the half hour chart," Bakir added, suggesting profit-taking at this price level.
3028 as a downside target -- especially with the daily studies also forming a bearish divergence
from overbought levels.
8700 for resistance however, the bearish divergence
in the RSI suggests we may see an intraday reversal as the pair continues to trend sideways.
There is a Bearish divergence
setup on the daily and intra-day charts that in says that the move North could stall before cracking 3.
02, with the bearish divergence
in the RSI reinforcing the decline in the pair, and we may see the kiwi-yen work its way towards 59.
This is coming off a bearish divergence
in the 4H chart, showing a flattening against the bullish momentum it had since the bull run started mid-July.
6% Fib) this week however, the bearish divergence
in the RSI suggests that a short-term correction is underway, and we may see the pair fall lower over the week to retrace the advance from the previous month.
Conversely, if MACD makes lower highs while prices are making new highs, this could be a strong bearish divergence
and a sell signal.
A bearish divergence
in the RSI has emerged over the past two days, and we anticipate the pair to move lower over the next few trading sessions.
Summary: Currency Pair: EUR/GBP Chart: 15 Min Charts Short-Term Bias: Short A bearish divergence
has emerged for the EUR/GBP, and may offer profitable opportunities.