EURUSD is Showing Strong Downward Momentum
Updated
EURUSD is showing downward momentum
With the current state of leaving USD rates unchanged and showing some hawkish tone in the last Fed meeting since then USD is showing strength
While for now Euro is showing oversold signals that would favor some profit taking for sellers or waiting for a retracement to jump in the next drop
I am expecting price to retrace to 1.076 and then extra down leg might start
With the current state of leaving USD rates unchanged and showing some hawkish tone in the last Fed meeting since then USD is showing strength
While for now Euro is showing oversold signals that would favor some profit taking for sellers or waiting for a retracement to jump in the next drop
I am expecting price to retrace to 1.076 and then extra down leg might start
Note
Dollar is showing strength today Euro is showing weakness
Price has retraced to previously mentioned favorable selling price
Reasons to sell
1. Price testing previous support
2. Price at upper boundary of a declining channel
3. Price dropping from 50 % Fib level
Break above this level would invalidate the bearish bias
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