Baxia Markets
August 09, 2021

EURUSD Meets Support 08/09/21

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A big crash took place on Aug 4th, driving the price down by 1.33% in two days. That was no doubt a shock to most traders. The price crashed with a steep slope; the price line broke out the lower Bollinger Bands twice. Now, the price moves inside the Bollinger Bands. Will the crash continue?




The price was pushed back a little by the lower Bollinger Bands; as we know, the Bollinger Bands usually pushes the price line towards the middle, so the price may get support here. Bollinger Bands are not strong enough; we do have something else. The standard deviation still stands high, which means the fluctuation has not ended yet. The Williams R% has been oversold since the crash began, and now it has not recovered yet, but the unstable situation may end. Besides, the stochastics have already recovered from being oversold.


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