The euro still is under pressure with the medium term charts making a bearish flag, and stochastics beginning to turn negative. Short term we are also pointing lower and have already seen the 23.6 % fibonacci level touched. This should also prove to be a weaker market.
1.3800 is the key today, and if we can break and hold below here then we should be able to see a wave of selling pressure with 1.3765 the first objective. Cover shorts initially to here. Re-sell a break below this area as a break below will take the pressure off the topside and we should then be able to trade lower with 1.3720/11 the next viable target. Cover shorts to here and await exit directional move.
Now if we hold 1.3800 and break the top at 1.3833 then we have 1.3860 to 1.390 as a target. This is the most unlikely scenario as the market do look under pressure, and we should be selling strength here looking for the medium term stochastics to kick in and drive us lower.
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EUR/USD Forecast: Euro Remains Under Pressure
Published 10/28/2013, 05:23 AM
Updated 07/09/2023, 06:32 AM
EUR/USD Forecast: Euro Remains Under Pressure
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