EUR/USD: Breaking Down
Forex4you | Mar 04, 2015 04:08AM ET
The v.short-term trend is extending lower, towards the Jan 26 lows at 1.1097. It is now falling in line with the broader longer-term trend, and I expect to see it go even lower.
As I said in my analysis yesterday, a break below the Jan 26 lows would be a significant bearish sign, however, the location of the S1 monthly pivot only 32 points below that at 1.1065, could be an obstacle to a clear run lower, and so ideally I would want to see it cleared by 20 points – so below 1.1045 – for confirmation. This would probably be followed by a possible move thereafter down to support from the S2 monthly pivot at 1.0941.
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