After the
USD non-farm payrolls on Friday EUR/USD continued its descent. Today is no
different – the pair broke below the support around 1.2270 and is slowly headed
for target 1.2200. I know I have been saying time and again that the pair will
reach 1.2200 sooner or later (and right now it appears it will be sooner), but
now that we’re almost there, I wonder what follows next. Will it really reach
1.2000 as I thought earlier or is a more long-term correction about to begin? I
admit I have quite a few short positions opened at various levels and I am
definitely considering closing at least some of them once the pair reaches
1.2200.
The downtrend stays in place.
ReplyDeleteI agree with the analysis, good point.
ReplyDeleteI do agree with that too.
ReplyDeleteGood point! I'll be more careful with this theme.
ReplyDelete