TradePeriod
Long

EURUSD Pending Reversal - Possibly Full Reversal Next Few Weeks

FX:EURUSD   Euro / U.S. Dollar
137 0 1
We have retraced the lows back from March, April and our most recent testing of the 1.0815 mark. While short term trends may be looking bearish , we are possibly looking at a quick reversal within the next few weeks.

Fibonacci retracement from our June-high shows the first target we're keeping an eye on lands at the 1.09475 mark and then should a close occur above this, we'd expect to hit our previous resistance of 1.10361, and expect reversal in this range.

Not that it is commonly used in 4H analysis, but the RSI of the EURUSD             is showing to be floating around 30%, breaking twice within the last few weeks. We'd expect some additional correction to circumvent the oversold value of the EURUSD             pair.

While a further bearish movement cannot be ruled out, we are standing strong on a belief that a long position could be warranted.
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