The theories that the bearish EUR/USD trend is over might prove to be false. Obviously the events around the Brexit referendum vote play a large role in this, as well as the uncertainty in the European Union and the terrorist attacks on EU territory in the past few months.
After several weeks of forming a range above the support at 1.1000 the pair is attempting to break below that level. It is very possible for the pair to succeed in doing that, because it has already broken below the support trendline of the movement between 29th June 2015 to 19th June 2016, and the range that followed is essentially a test of the broken support, which has now become a resistance. If the pair breaks below 1.1000 and the EUR/USD continues falling, the next zone of support is around 1.0800 – 1.0780. After that is the historical low around 1.0592 – 1.0462.
Very useful information! Thanks.
ReplyDeleteVery helpful and insightful analysis, excellent.
ReplyDeleteDown trend still in place.
ReplyDeleteLet's see how the ECB press-conference will affect this pair.
ReplyDeleteGood assessment, I fully agree!
ReplyDeleteBearish trend continues.
ReplyDeleteGood insight.
ReplyDeleteHelpful article!
ReplyDelete