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The price gained a foothold in the oversoldness zone

The price gained a foothold in the oversoldness zone | 20 May 2016

20 May 2016, EUR/USD

The price gained a foothold in the oversoldness zone

Four-hours chart of EURUSD. The pair gained a foothold in oversoldness area. Support is at the SuperTrend week line. Perhaps, this week this level will hold the price from a deeper decline. But in the long term bulls are unlikely to hold the price. At the local level bulls have a chance to run an upward corrective pullback, but the situation is by and large 50/50. Monthly outlook is the downtrend.

Trading solutions: Within a day, you can try to Buy from current levels with a very short Stop Loss set at least behind the last three candles on the chart

Nikolay Krishtopov
FreshForex Analyst
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