EUR/USD hit strong support after it fell yesterday and returned to its previous 1.2600 level although it broke below that. Personally, I think the bearish trend is not exhausted yet, but we may see some consolidation or even correction before this pair manages to break below the support at 1.2600. Once that happens, it will likely head for 1.2500. That said, I am seeing a double bottom in the one hour filter chart, so as I mentioned above, we might see some pullback first
Traders are expecting correction, I do too.
ReplyDeleteEURUSD traded sharply lower yesterday after convincingly taking out the November 13, 2012 bottom at 1.2660. The next downside target on a daily chart is Fibonacci extension target at 1.2507. Today is not about support and resistance, but momentum. Watch for volatile swings in either direction as investors focus on what the European Central Bank (ECB) will announce at its policy meeting tomorrow.
ReplyDeleteStill trading near 1.26 level.
ReplyDeleteLet's try to understand if it is strong enough
ReplyDelete