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    EUR/USD: still pulling-back; outlook bearish

       
    The pair continues to correct higher from its recent lows at 1.1061.

    The correction is not very strong and the signs on higher time-frames are that the pull-back will probably eventually end and the mini-down-trend resume.

    The next down-side target is at 1.1050 followed by 1.1035 where the Monthly Pivot is situated and expected to provide strong support.

    The fact that 1.1000 is a significant psychological level which may limit down-side, as well as the fact that the 50-day MA, situated at 1.0935, will probably provide further support means there is little immediate scope for an extension lower.

    Nevertheless the outlook continues to look bearish after the strong move down over the last few days, and a clear break below the 50-day at 1.0935 – including a 20 point margin – so below 1.0915 would probably confirm a move down to round-number support at 1.0800.

    EURUSD22

       
    The pair continues to correct higher from its recent lows at 1.1061.

    The correction is not very strong and the signs on higher time-frames are that the pull-back will probably eventually end and the mini-down-trend resume.

    The next down-side target is at 1.1050 followed by 1.1035 where the Monthly Pivot is situated and expected to provide strong support.

    The fact that 1.1000 is a significant psychological level which may limit down-side, as well as the fact that the 50-day MA, situated at 1.0935, will probably provide further support means there is little immediate scope for an extension lower.

    Nevertheless the outlook continues to look bearish after the strong move down over the last few days, and a clear break below the 50-day at 1.0935 – including a 20 point margin – so below 1.0915 would probably confirm a move down to round-number support at 1.0800.

    EURUSD22


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