EURUSD approaching support.

I had to update the “Chart of the Day from last week” on the EURUSD pair as we did continue to move lower. Based on the price action today, it would have been a missed opportunity if we didn’t write about it. Last week we were targeting the 1.1350 level and today we traded to the 1.1356 level. Can we fall further? Yes, we can. However, the EURUSD short is now on everyone’s radar so don’t be surprised if we see a bounce higher back towards the 1.1500 level before we finish this move lower at the 1.1285 level. Daily RSI has reached oversold, which is NOT a reversal sign (yet).

Blake Morrow