EUR/USD Is Moving to the Downside

Although FOMC decided to hike the federal funds rate the market reaction was somewhat lukewarm. I, for one, expected a much stronger reaction. What has become obvious, however, is that EUR/USD will continue falling. The pair was already moving to the downside when the news came out and continued doing so afterwards. It’s currently falling towards the support at 1.0785, but I think that we can expect it to fall much lower than that should it break below that level, which it probably will. In my opinion its long-term target is 1.0539, which is the previous low.