The EURUSD weekly chart shows the downtrend from the last peak in April (1.4000) with a loss of about 6% in few weeks, with the price went below 1.3150 area over the last 2 minimums.
This trend was characterized by a single pull-back, and I would say a shy one. Now both primary and secondary trend are bearish and price appears to have found a support on the dynamic Fibonacci level 1.3170.
The oversold situation suggests to enter the market only short with the exception of a fast pull-back on the dynamic Fibonacci level place at 1.35.
This trend was characterized by a single pull-back, and I would say a shy one. Now both primary and secondary trend are bearish and price appears to have found a support on the dynamic Fibonacci level 1.3170.
The oversold situation suggests to enter the market only short with the exception of a fast pull-back on the dynamic Fibonacci level place at 1.35.
If you have not previously entered short I suggest to remain neutral and wait for the situation to bait the oversold groped to earn going long till back in the 1.3500 area.
Good Luck!
