EU to bounce off support at around 1.15-ish next week
Updated
s3.amazonaws.com/tradingview/snapshots/h/hwgXpJHG.png
Following the 80 pip drop after NFP release Friday, EU's expected to keep dropping. According to support/resistance levels and where EU is at currently on Stoch RSI on the daily chart, we should get a decent bounce up from 1.15. Currently EU is oversold on all four hourly charts(1hr,2hr,3hr&4hr) so we're likely to see a small retracement before continuing the move down come Monday morning
Following the 80 pip drop after NFP release Friday, EU's expected to keep dropping. According to support/resistance levels and where EU is at currently on Stoch RSI on the daily chart, we should get a decent bounce up from 1.15. Currently EU is oversold on all four hourly charts(1hr,2hr,3hr&4hr) so we're likely to see a small retracement before continuing the move down come Monday morning
Note
s3.amazonaws.com/tradingview/snapshots/u/uX1kYe6h.pngWe could be looking at something like this
Note
s3.amazonaws.com/tradingview/snapshots/e/EPa2eJj0.pngMonthly chart shows EU to be in a downtrend since the start of this 2018
but has now reached oversold now. Given the timeframes presented above
we're looking at the end of the EU downtrend of 18'
Note
s3.amazonaws.com/tradingview/snapshots/n/nyGRMT5f.pngBullish divergence(continuation) is possible and we could very well see a general move going north ending USD strength after 9 months of Euro weakness.
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