victoriajensen posted: Personally I think EUR/USD is quite oversold but for the moment I am not seeing any signal that a more long-term correction is about to begin.
We will never have any uptrend with all the negative European data. everytime the price start to form a reversal pattern and there is a chance of starting to correct comes negative data on the euro to destroy hope
situation doesn't look good on the euro there is no hope of uptrend with all negative data, deflation rate. and if Europe put more sanctions on Russia we might see a major drop again if not historical.
EURUSD made a new low at 1.3130 and had another negative session on Friday, but did not break below September 2013 low at 1.3102 yet. So EURUSD is expected to head to the 1.31 level, and then eventually the 1.30 level which we see as much more supportive. That being the case, we have a bearish bias and rallies should continue to offer selling opportunities. Today in U.S. and Canada is Labour Day holiday so volumes are expected to be very light.
EURUSD now make new low 1.3118 , and if break it it will get down not to 1.3 but to 1.28 level and if make that ,it mean very high and powerful correction wave to 1.33 level but till now it is 1.3118 which is support to it , and it is very important point for EURUSD
There are two dojis in the 4 hour filter so some retracement is expected but I doubt this will be the beginning of a more long-term correction. It will probably continue its descent until reaches 1.3100.
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