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    EUR/USD: possible resumption of broader down-trend

    The EUR/USD pair has started to move lower this morning, after completing an a-b-c correction in the midst of a short-term down-trend.

    This move down today could mark a resumption of the down-trend and a break below the trend-line joining the bottoms of A and B, confirmed by a break below 1.0923 would probably lead on to a concerted move down to the S1 Monthly Pivot at 1.0875.

    Alternatively a break above the C wave highs would indicate the correction was not an a-b-c – but rather the beginning of a much stronger move higher, and a possible reversal. Such a move, confirmed by a break above 1.1020, would initially be expected to reach resistance at 1.1048 – but possibly even higher.
    EURUSD24

    The EUR/USD pair has started to move lower this morning, after completing an a-b-c correction in the midst of a short-term down-trend.

    This move down today could mark a resumption of the down-trend and a break below the trend-line joining the bottoms of A and B, confirmed by a break below 1.0923 would probably lead on to a concerted move down to the S1 Monthly Pivot at 1.0875.

    Alternatively a break above the C wave highs would indicate the correction was not an a-b-c – but rather the beginning of a much stronger move higher, and a possible reversal. Such a move, confirmed by a break above 1.1020, would initially be expected to reach resistance at 1.1048 – but possibly even higher.
    EURUSD24


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