EURUSD WEEKLY CHART 5/17/22
EURUSD is oversold. Two indicators are very helpful in determining this. Stochastic and RSI. On all the higher time frames they are in oversold territory. Match this information up with the price action at the bottom of the demand zone. This is a very good opportunity also from a fundamental standpoint. The US will slow down because of rising rates. Other currencies and their respective central banks will hike their rates in a slower fashion. The sentiment in the markets have been very negative so the dollar has been the safe haven asset class. Many developments in politics, geopolitical tensions and China coming back from their lockdown will change direction of the market.
Stay humble and keep learning!
Stay humble and keep learning!
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.