FX.co ★ EURUSD is approaching our weekly target area

EURUSD remains in a bearish trend making lower lows and lower highs. Price has broken below 1.08 is now approaching our target area of 1.0750-1.07 as we pointed out in our weekly analysis back in February 12th.

Red lines- wedge pattern

The Daily RSI is finally at oversold levels. Price is falling sharply without any considerable bounce since the beginning of February. Price is expected to bounce but our target of 1.0750-1.07 remains intact and I believe we are going to touch the lower wedge boundary at least. If bulls manage to push above 1.0840 then we could see a bigger bounce unfold.