Euro pairs opened with a 200 pip gap on Sunday evening when the Tokyo session started, with EUR/USD opening at 1.09. Since then this forex pair has been trading in an uptrend which reached 1.0950 this morning.
But in the last few hours, we have seen the Euro pairs tumble, with EUR/USD back below the 1.09 level. By the way, the price was met by the 20 SMA on the monthly forex chart at 1.0950, so that was a technical indicator turning the price back down.
Or is there some profit taking going on right now after the surge over the last couple of days? I think it´s both, but whatever the reason, we´re more that 60 pips lower right now and back below 1.09.
Actually, the 1.09 level has somewhat lost importance now and 1.0880 is coming into play. This is a mild level, but the 50 SMA on H1 forex chart is adding extra strength to it.
The 50 SMA (yellow) is holding
The stochastic and RSI indicators are oversold. That´s another two technical indicators which are making it difficult for sellers at the moment.
It looks like the retracement down is over or close to being over, so I´m just trying to pick the best price for a buy forex signal in this pair.
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