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    EUR/USD: mini-down-trend stalling

       
    The pair has stalled in its mini-down-trend, and is pulling-back from new monthly lows established at 1.0862, which is the level of the 61.8% Fibonacci line of the previous rally.

    The very short-term down-trend from the May 15 highs is still in play, and although now looking overstretched and possibly complete, strong evidence of a bullish resumption, including candlestick reversal patterns, are still lacking.

    For there to be a break below the 1.0862 lows, more bearish information needs to come to light, perhaps relating to the pace of QE or Greece, or strong U. data, but such a move would be a strong sign of further down-side with a target at 1.0800.
    EURUSD27

       
    The pair has stalled in its mini-down-trend, and is pulling-back from new monthly lows established at 1.0862, which is the level of the 61.8% Fibonacci line of the previous rally.

    The very short-term down-trend from the May 15 highs is still in play, and although now looking overstretched and possibly complete, strong evidence of a bullish resumption, including candlestick reversal patterns, are still lacking.

    For there to be a break below the 1.0862 lows, more bearish information needs to come to light, perhaps relating to the pace of QE or Greece, or strong U. data, but such a move would be a strong sign of further down-side with a target at 1.0800.
    EURUSD27


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