Despite the
pullback yesterday EUR/USD slowly continues its descent. I think it will likely
test the support at 1.3100. That said, I do not believe it will actually break
below that level. The bearish trend is exhausted and there is clear divergence
on the momentum indicator. A more long-term correction might begin soon with
initial target 1.3190, maybe even 1.3200. However, if EUR/USD does break below
the support at 1.3100 it might continue on its way down to 1.3000 though by
looking at the monthly filter I am willing to hazard a guess that it may go
even lower.
Just a few pips shy of touching that level.
ReplyDeleteIt probably will keep testing, let's see.
ReplyDeleteIt's very likely we will see 1.3100 level be tested again today.
ReplyDeleteEURUSD initially fell during the course of yesterday session making yet again new lows at 1.3109, but bounced enough to create a hammer pattern. It appears that the market could get a bounce from here to the 1.32 level. Let’s see what ECB brings to the table this Thursday.
ReplyDeletegreat point of view
ReplyDeleteWell founded analysis
ReplyDeleteGreat article, thank you!
ReplyDelete