Reaching the bottom of an ascending regression channel (4-deviation) is more of a warning signal rather than an oversold signal for me, as reaching such selling extreme in a market is indicative of a potential reversal.
I am not suggesting a reversal yet, but i will be eying the very important area near $280, as outlined on chart. A break below that could be the real confirmation signal for a new market.
I will also be open and consider any development at that key support, a major candle or a price formation may suggest a potential bounce..
Best of luck. Join me at https://twitter.com/thefxchannel
Also at my Facebook page http://www.thefxchannel.com
Google Plus : https://plus.google.com/+Thefxchannel0/posts
My best regards,
Skype: Technician - The forex channel