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Trying to gain a foothold in the oversoldness area

25 July 2016, EUR/USD

Trying to gain a foothold in the oversoldness area

Four-hours chart of EURUSD. Buyers did not manage to not keep the price above the main support level (0/8). Due to a successful counterattack, bears managed to drag the price to the oversoldness area. Now the price is trying to gain a foothold below (0/8). If this attempt is successful, we can expect a downward movement to continue so that a local Low will be updated. The nearest goal is (-1/8), from it we can expect an upward correction and retest of (0/8). The medium-term target is (-2/8)

Trading solutions: No

Nikolay Krishtopov
FreshForex Analyst
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