The downward trend of the price of EURUSD had started on Jul 30th, and it had stopped on Aug 11th. This downward trip for EURUSD was a long and sharp ship. During these twelve days, the price had been down by 1.7%, which was huge compared to the previous trend. So, will the downward trend come back since it was a powerful one?
The breakup could be a retracement,in which the price would go down again. Or a turning point, the price could continue to go up. For now, the Stochastics and William’s R% already showed oversold. Oversold is volatile; the lines could fall to the middle level anytime; so does the price line. So we do have to have an expectation. The price now broke the upper Bollinger Band, which could be considered a small resistant power. And the price line touched both the Ichimoku cloud and the 50% level Fibonacci. We could wait and see if the price breaks the 61.8% level Fibonacci.
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