Having fallen for six consecutive days, bearish momentum on EUR/USD is beginning to fade. Tuesday's low also held above the 1.06 level and 71.6% Fibonacci level whilst RSI (14) and (2) are in oversold levels on the daily chart.
The 4-hour chart shows bullish divergences on the RSIs, so the bias is to seek dips towards 1.06 for a long towards 1.0650 at a minimum. As we suspect some mean reversion higher is due - even if only temporarily.
The 4-hour chart shows bullish divergences on the RSIs, so the bias is to seek dips towards 1.06 for a long towards 1.0650 at a minimum. As we suspect some mean reversion higher is due - even if only temporarily.
Trade closed: target reached
Related publications
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.
Related publications
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.