Looks oversold and taking a long trade... make quick 20-25 pips profit.
- OANDA:EURUSD pair remains bullish technically, although the daily consolidation has made technical indicators lose upward momentum.
- Nevertheless the price is above a bullish 20 SMA, whilst the 100 SMA advanced to meet the 200 SMA, both around 1.0550 now in 4hr chart.
- A major Fibonacci resistance comes at 1.0710, as the level stands for the 38.2% retracement of the November/January slide with renewed buying interest above it opening doors for an advance towards the 1.0800 region.
- Our indicators pointing to an long entry with short pips