It is
Monday and as it often happens on Monday range has been continuing for hours
now on the EUR/USD chart after the market opened with a 40 pips wide gap.
Personally, I think I am seeing a double bottom formed in the 1 hour filter
chart, but the question remains whether that signifies that the price will
recover the gap. I think it will, but even if it does, I still believe that afterwards
it will continue its descent and will reach at least 1.3100. Or if it doesn’t
close the gap, it will start falling without any recovery. Either way, I
believe the trend is still bearish.
EURUSD decline continues making new fresh lows on Friday at 1.3220 with no buyers in sight. The down trend continues intact for now but with a high risk of a short squeeze as stochastic is showing oversold conditions, the next support zone is within 1.3106 and 1.3174 reporting to September 2013 low.
ReplyDeleteI agree, the bearish trend will continue.
ReplyDeletelooks like it.
ReplyDeletefor the short term we are facing a bearish trend
ReplyDeleteYes , I agree wit you.
ReplyDelete