The bearish
trend in the EUR/USD chart has persisted for a long time now and it seems to
have finally become exhausted. This pair is oversold and correction should
begin soon. However, all that we are seeing is range that began after the last
feeble drop on Wednesday. The question is whether this range will form a signal
that a more long-term climb is about to start. So far I am seeing no such
thing. Personally, I don’t like trading range, so I prefer to wait for a more
conclusive signal that correction is about to begin or for an indication that EUR/USD
will continue its descent.
EURUSD tried to close Mondays GAP rallying again during yesterday session, but yet again the 1.32 level has offered resistance. The US dollar looks like it’s still strong, and as a result selling the Euro is the less risky trade to do in this market.
ReplyDeletethe trend is exhausted the technical indicators show the pair is oversold. but on the other hand the negative data on the euro push the price down
ReplyDeleteEURUSD has fallen every day but now seems to have reached a more consistent support.
ReplyDeleteWaiting for more conclusive signal for a clear direction is a better idea.
ReplyDeleteIt is really uncertain.
ReplyDelete