Considering
that the EUR/USD pair is so oversold we should have expected some pullback.
So, naturally, two dojis formed in the 4 hour filter chart and the price began
climbing earlier today although it we did see a further drop after the market
opened last night. Now, the question is whether these two dojis in the 4 hour
filter chart are a signal for the beginning for a more long-term correction or
the pullback we are observing right now is only temporarily and once it is
done EUR/USD will start descending again.
Thanks for the review, I'll keep an eye on developments.
ReplyDeleteIt may drop some more before it corrects.
ReplyDeleteYesterday, EURUSD made a new fresh low at 1.3118 but went nowhere during a particularly light session due to U.S. and Canada Labour Day holiday. The downward trend is showing some signs of weakness with stochastic displaying oversold conditions so EURUSD is expected to pullback to the 1.32 level ahead of ECB Interest Rate Decision.
ReplyDeleteI like to follow this pair too. Interesting post.
ReplyDeleteMaybe some correction, but the bearish trend has not changed.
ReplyDeleteGreat article, thank you!
ReplyDelete