EUR/USD seems oversold above 1.0555 [Video]

Olimpiu Tuns Learn 2 Trade

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.

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Author

Olimpiu Tuns

Learn 2 Trade

Olimpiu is a seasoned Market Analyst / Trader with 11 years of experience in the financial markets having expertise in Forex, Commodities, Index, Cryptocurrencies, and Stocks.

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