EURUSD

We're seeing what looks like the beginning of a new downtrend for EUR/USD. However, RSI and other similar indicators such as the Stochastic show an increasingly oversold market. Not only that but price is currently at a strong resistance level. Personally I would say price undoubtedly has to rally back up for what could be an easily profitable buy. However, my weekly bias is definitely in the direction of the sell as we have recently seen EUR/USD go into oversold levels and simply continue to drop. I would watch the market at open, see who's in control. If its the bulls go long if it's the bears go short.