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    EUR/USD: breaking below 50-day MA

    The EUR/USD pair has continued its mini-down-trend lower, breaking below the 50-day MA at 1.0935 and now moving down towards my next target for the pair at 1.0800 – an arbitrary level chosen for no other reason than its round-number significance.

    The main source of risk is the situation in Greece, with news flow about that contributing to volatility this week. U.S data is another factor, with GDP figures out on Friday. Front-loading of ECB QE purchases before high summer is also bearish for the pair in the next 4-6 week period.

    In the absence of any contrary indications, therefore I see the pair continuing down towards my 1.0800 target.
    EURUSD26b

    The EUR/USD pair has continued its mini-down-trend lower, breaking below the 50-day MA at 1.0935 and now moving down towards my next target for the pair at 1.0800 – an arbitrary level chosen for no other reason than its round-number significance.

    The main source of risk is the situation in Greece, with news flow about that contributing to volatility this week. U.S data is another factor, with GDP figures out on Friday. Front-loading of ECB QE purchases before high summer is also bearish for the pair in the next 4-6 week period.

    In the absence of any contrary indications, therefore I see the pair continuing down towards my 1.0800 target.
    EURUSD26b


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