Oversold EUR/USD
Just exactly like i predicted, EUR/USD slide down again. I think the EUR/USD still on downtrend, but beware of profit taking by speculators which can cause an oversold rebound. I don’t think buy position is a good idea for this condition, but i just give some posibble scenario that can occur. Let’s see the chart
On the chart, we can see that based on fibonachi retracement, there is a possibility that EUR/USD will bounce for profit taking before continute to sink again. I still love sell position, but i think we must trade more carefully on this oversold market like this. Trade small position or play scalping is a good idea for now.
Some event to noticed today are : Non-Farm Employment Change (USD) and Unemployment Rate (USD).
EUR/USD Trend :
Long Term : Bearsih
Mid Term : Bearish
Short Term : Oversold
Happy Trading for you all.
thanks for a fantastic post and for sharing.