The EURUSD has been tanking pretty hard lately, creating a very powerful bearish trading environment. EURUSD has now dropped down heavily and bumped into a weekly support level where we are now starting to see a bullish response from the market.
The weekly chart shows the EURUSD sitting extremely far away from it’s mean value, creating that mean-price gap. This is a powerful over-extention sign and usually will follow with a mean reversion. Because we’ve got the combination of weekly support and the gap in the mean value, we could be looking at the beginnings of a bullish correction.
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