Technical Analysis: EURUSD potential Double Bottom

OANDA:EURUSD   Euro / U.S. Dollar
EURUSD is looking quite bearish right now. Many of our Indicators are showing signs the price may continue to drop for a few days.

Our Sell Momentum has yet to end and our Momentum and Fear & Greed Index oscillators are only showing Bearish sell pressure on this current bar. This means that the price could pull back out of this dump and continue upwards; only time will tell. However, it’s not looking good in the short term.

EURUSD’s overall trend is downwards and it looks like it may test its current bottom quite soon. This could be a great thing for bullish price movement if it only touches the bottom pivot and doesn’t crash through; as it would signify a double bottom.

We will conclude with, EURUSD is looking quite bearish in the short term with strong bullish potential if the double bottom occurs.

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