As expected
EUR/USD continued its descent and even broke below the support at 1.2500,
reaching a new low at 1.2440. Despite the current pullback I think we will see
the bearish trend continuing, at least until it reaches 1.2200, perhaps even
1.2000. I keep waiting to see signs of exhaustion, but I always end up
disappointed. I am starting to wonder whether it is possible that we might
actually see EUR/USD trading at 1.0000. I suppose time will tell, but things
are not going well for the EUR, and they haven’t done so for quite a while now.
and more drops could be on the way.
ReplyDeleteI expect EUR to trend lower, 1.2 getting closer.
ReplyDelete1.20 follow by 1.00, let's see.
ReplyDeletePrice action in EURUSD remained relatively quiet having plunged to levels not seen since August 2012 overnight, after the pair tripped sell stops at the 1.2500 handle on a strengthening USD to break below Friday's lows at 1.2485. The pair moved sideways heading into the European close, having consolidated below the 1.2500 level. In terms of notable events the EU PPI reading for September will be in focus alongside ECB’s Coeure (Dove) and Costa (Soft Dove).
ReplyDeleteExcellent analysis.
ReplyDeleteI completely agree with you!
Great analysis, thanks.
ReplyDeleteWow, interesting stuff.
ReplyDelete