Euro Tumbles Following Spanish Bank Takeover

This pair’s drastic downturn over the last two weeks has surprised many. However, we do see many technical signals indicating some positive news for the Aussie. The RSI on the daily chart is showing the price deep within the over-sold territory, while the Stochastic (slow) on the same chart recently finished a bullish cross and is now pointing upward. The weekly RSI has also just entered the over-sold zone, suggesting that this week may be the turning point for this pair. Forex traders won’t want to miss out on a great opportunity to call the reversal and make maximum gains with the Aussie Dollar.