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EUR/USD: continuing lower after breakout

   
The EUR/USD pair has broken down out of its rising channel and reached lows of 1.1061 which is almost at the 1.1050 target, a conservative downside estimate based on extrapolating the height of the channel by 61.8% lower – 1.1035 is the actual number, which is also where the monthly pivot is situated, but 1.1050 offers a more achievable round-number.

The exchange rate has now pulled-back up a bit but the very short-term trend is still bearish and likely to continue lower. Eventually I see it reaching 1.1050, or even 1.1035 perhaps.

EURUSD20

   
The EUR/USD pair has broken down out of its rising channel and reached lows of 1.1061 which is almost at the 1.1050 target, a conservative downside estimate based on extrapolating the height of the channel by 61.8% lower – 1.1035 is the actual number, which is also where the monthly pivot is situated, but 1.1050 offers a more achievable round-number.

The exchange rate has now pulled-back up a bit but the very short-term trend is still bearish and likely to continue lower. Eventually I see it reaching 1.1050, or even 1.1035 perhaps.

EURUSD20



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