Long position at 1.0800 looking for 80-100 pips, EU seems to respect trend well and is approaching an area of support that seems to hold well. Stochastic indicator showing signs this pair is oversold. Dotted blue line is support, looking to target just below the 50ema on the 4 hour time frame.
Trade closed: target reached:
If entered this trade take profit hit
I've got to say I personally expect the pair to move downward. Bad economic and political news coming out of both EU and USA to an extent. Causing Flows to move out of EUR and into USD.
The stochastic isn't even all that much outside of the 80-20 zone. At the beginning of April the pair remained 'oversold' on the stochastic for a number of days, meanwhile EUR/USD moved lower until about 6th Apr.
@HapaxLegomenon, I see what you mean, however this analysis is mainly based from support and trend and stochastic as an added bonus, I know in these market conditions indicators such as RSI & Stochastic do not play a huge role on price action as you rightly stated. If you have any technical analysis on the pair I would be more then happy to check it out. hanks for sharing you're view.