EURUSD has made a low at 1.0926 while it opened today around 1.0966. Now price is at 0.978 and it is very probable that a bullish hammer pattern to be formed. This would be a reversal signal. At least for the short-term.
Red rectangle - bounce target and short-term resistance (previous support)
EURUSD is bouncing. Price is expected to move higher above 1.1015 over the coming hours and if the reversal is confirmed, we should see a move towards the previous support now resistance area marked as red. EURUSD should bounce towards 1.1050 if not towards the blue downward sloping resistance trend line. Medium and long-term trend remain bearish. Oscillators are oversold. This is not the time to be bearish EURUSD. The chances of a bounce are high.
