EURUSD continued its downtrend this week and has broken 4-months low.
This is due to the Euros weakening due to GDP slowing down, and also the Dollar has been rising consecutively for a week.
However, with the EURUSD breaking lows and falling for 10 consecutive days, it is currently oversold and we are expecting a retracement to occur soon.
With the breaking of new lows, this may be the start of a new downward channel, so a technical retracement may offer sell opportunities.
This is due to the Euros weakening due to GDP slowing down, and also the Dollar has been rising consecutively for a week.
However, with the EURUSD breaking lows and falling for 10 consecutive days, it is currently oversold and we are expecting a retracement to occur soon.
With the breaking of new lows, this may be the start of a new downward channel, so a technical retracement may offer sell opportunities.