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EUR/USD Unwinds From Oversold Conditions

EUR/USD is attempting to unwind from oversold price conditions, with both momentum and net short positions at extremes.

Expect a temporary relief bounce over the coming sessions into 1.2910/12 and potentially 1.3000 (psychological level). Only a sustained move at these levels would neutralize the extreme market condition.

In terms of the big picture, key structural support remains at 1.2125/30, which would equate to EUR/USD losing half of its gains from the bull market taken from the year 2000.

Inversely, the USD Index is also unwinding from overbought conditions, after rocketing above the previous 2012 peak at 81.78.

Daily Technical Report

 

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