EURUSD (1.1933): The EURUSD rallied to a seven day high on Monday with price reaching intraday highs of 1.1963 before easing back on the day. The declines came off the highs as it coincided with the recently breached support level that has now turned into resistance. A bearish close below 1.1920 could potentially signal a near term decline in price. On the 4-hour chart, we see a hidden bearish divergence which is likely to signal the downside in price. A higher low being formed off this reversal could mean that prices are likely to rebound in the near term, provided the resistance level of 1.1920 – 1.1960.
