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Trying to gain a foothold in the overboughtness area

Trying to gain a foothold in the overboughtness area | 19 May 2016

19 May 2016, EUR/USD

Four-hours chart of EURUSD. The pair has broken a very strong area of ​​support (0/8), and now is trying to gain a foothold in the oversoldness area. This attempt has good chances. Consolidation below (0/8) in the long term opens the way to a deeper drop to (-2/8). The plan with the medium-term growth became no longer relevant yesterday. The most what can expect from bulls is the local upward corrective pullback.

Trading solutions: Those who entered yesterday, can settle their sales and wait for a new strong upward rollback: buy from 109.54 to 110.50 and 112.21 (extraday).

Nikolay Krishtopov
FreshForex Analyst
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