5 day RSI has moved below 10 and is extremely oversold . As can be seen this kind of oversold condition on daily chart has not occurred in eur/usd for more than one year. Further eur/usd is in an uptrend on the weekly charts. This extreme oversold condition is usually followed by a sharp bounce back . Traders can look for a 150 to 200 pip bounce in eur/usd from this level.
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