EURUSD Trading Tips Amid Market Volatility
Solid ECN – The EURUSD currency pair dipped to as low as 1.062 during Friday's trading session and traded at about 1.066, with an increase in today's trading session.
The RSI indicator signals that the market is oversold, while the Standard Deviation indicator hovers at a peak of around 0.0079 and is declining. This can be interpreted as the market being oversold and market volatility slowing down.
From a technical perspective, joining the bears in an oversold market condition is not recommended. Therefore, waiting patiently for the EURUSD to correct some of its losses is logical and wise. However, we don't see signals from the Awesome Oscillator indicating the start of a consolidation phase. Regardless of the AO, if the price reaches the 23.6% Fibonacci level, this resistance area can provide a decent entry point for retail traders to join the bear market.
Please be aware that the Ichimoku cloud stands between bear and bull markets. The market remains bearish as long as the price hovers below the cloud.