1 bar = 1 week
The Euro broke out of a descending resistance line from 2008 in July 2020 and it now seems to be back testing it.
As time goes by, there is still some space left for a bit lower levels, but if the Euro will not go too deep anymore and stays above the line, this could very well be a turning point since 2008.
About half November occurred the lowest RSI on the weekly since 2015. Compared to the RSI lows of 2017 and 2020, the Euro price level was significantly higher 2 or 3 weeks ago and this could be a sign of hidden bullish divergences in development.
It might need some time, but in my view, there most certainly is a potential evolvement on this chart…
The Euro broke out of a descending resistance line from 2008 in July 2020 and it now seems to be back testing it.
As time goes by, there is still some space left for a bit lower levels, but if the Euro will not go too deep anymore and stays above the line, this could very well be a turning point since 2008.
About half November occurred the lowest RSI on the weekly since 2015. Compared to the RSI lows of 2017 and 2020, the Euro price level was significantly higher 2 or 3 weeks ago and this could be a sign of hidden bullish divergences in development.
It might need some time, but in my view, there most certainly is a potential evolvement on this chart…