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The price has entered oversoldness area

16 July 2015, EUR/USD

Entered oversoldness area

4 hours’ chart of  EURUSD. Following to a durable consolidation, the pair has forced the main level of support (0/8) down. Now this level performs as resistance which does not let the price to leave oversoldness area. This area allows for frequent correctional upward pullbacks. It also can provide reversals but to confirm it, we need the price to get back and consolidate above (0/8). Before this moment, the prior option is decline of the price with the target on the level (-2/8).

Nikolay Krishtopov
FreshForex Analyst
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