Apparently
the assumption that EUR/USD will reach 1.2640 was far too generous, as it could
not even break above 1.2580 before falling again. On the other hand, it is
currently testing the support around 1.2450, so we need to be on the look out
for the formation of a double bottom and a potential new move to the upside.
However, the bearish trend still seems to be pretty strong and in case it does
break below the support and the previous low at 1.2440, we can expect that it
will continue falling at least until it reaches target 1.2200.
Yesterday EURUSD is traded around 1.2490 after having fallen for a fifth day out of the last six as the pair is enjoying the strength of the American dollar.
ReplyDeleteToday we will have the ECB meeting on monetary policy that will certainly affect the market and the EURUSD. However, the 1.25 handle continues to be identified as the level where the battle is being waged right now. On Friday, the nonfarm payrolls will probably pronounce sentence.
It will continue falling.
ReplyDelete1.20 here we come.
ReplyDeleteI'll keep an eye on this.
ReplyDeleteWow, interesting stuff.
ReplyDelete