EURUSD double bottom...time for a bounce ?
EURUSD daily chart is showing some significant evidence that the current drop maybe is over for now and we should expect a bounce to the upside. So the technical picture I am looking at is showing the following:
1) Bullish divergence on all oscillators (RSI,CMF,OBV,Stochastic) except the MACD
2) Weekly rsi already gone oversold after this huge drop of the last weeks
3) We are sitting at the previous weekly support level of 1.15-1.16 which is a major level for the price during the last years.
4) The drop was so fast and violent that it would make extremely hard for the price to keep moving down without a significant retrecement first (but that's an opinion and not technical evidence)
Entry :1.16
Stop loss :1.15
Target 1 :1.179
Target 2 :1.204
1) Bullish divergence on all oscillators (RSI,CMF,OBV,Stochastic) except the MACD
2) Weekly rsi already gone oversold after this huge drop of the last weeks
3) We are sitting at the previous weekly support level of 1.15-1.16 which is a major level for the price during the last years.
4) The drop was so fast and violent that it would make extremely hard for the price to keep moving down without a significant retrecement first (but that's an opinion and not technical evidence)
Entry :1.16
Stop loss :1.15
Target 1 :1.179
Target 2 :1.204
Trade active
Comment:
Price is moving to our favor. We re about 85 pips in the green. I am moving my stop loss to breakeven.
Comment:
Stop loss ges hit. Breakeven trade