EUR/USD seems oversold above 1.0555 [Video]
|The EUR/USD pair dropped as much as 1.0555 and now it has rebounded. It’s located at 1.0564 at the time of writing and is fighting hard to come back higher. Fundamentally, the German Gfk Consumer Climate, the Eurozone Private Loans, and M3 Money Supply came in worse than expected. Later, the US is to release the Core Durable Goods Orders and Durable Goods Orders. Poor economic figures should weaken the greenback.
Technically, the price action signaled a bullish divergence in the short term. Personally, I’ve drawn an ascending pitchfork hoping that I’ll catch a new leg higher. Testing and retesting the lower median line and making a new higher high activates a larger rebound.
Join Learn 2 Trade VIP Group now!
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.