fxtrends
Long

Set to correct, but don't expect much..

FX:EURUSD   Euro / U.S. Dollar
217 views
2
217 0
The EUR/USD is at a record oversold weekly RSI condition after breaking down to fresh cyclical lows on Wednesday. The 7-period weekly RSI is registering a sub-10 reading, which is very rare for the Euro or any major currency pair. This alone should limit further downside, but subsequent rallies are expected to be shallow due to the weak fundamentals and low market sentiment.

Current price-action appears to be in a bearish channel , testing the lower bounds. Short-term momentum, however, remains in the bears favor, given Wednesday's downward thrust. Key support at 1.2747 could be the next stop until the beginning of the new month. That said, Wednesday's move looks exhaustive and could be vulnerable to a small false-break pattern.
Home Stock Screener Forex Screener Crypto Screener Economic Calendar Shows How It Works Chart Features Pricing House Rules Pine Wizards Moderators Website & Broker Solutions Widgets Charting Solutions Lightweight Charting Library Help Center Refer a friend Feature Request Blog & News Twitter
Profile Profile Settings Account and Billing Refer a friend My Support Tickets Help Center Ideas Published Followers Following Private Messages Chat Sign Out