EUR/USD: Down-Trend Threatening Resumption
Forex4you | Mar 03, 2015 05:02AM ET
No real change from yesterday's analysis: the dominant down-trend appears to be resuming, and has already fallen as far as my initial target at the Jan 26 close.
The down-move has since paused but I expect it to resume and continue even lower, with a break below 1.1159 confirming an extension down to the Jan 26 lows at 1.1097.
A break below those lows would be a significant bearish sign, but the S1 monthly pivot situated only 32 points below at 1.1065 is an obstacle to clear run lower, and so ideally I would want to see a clearance of 20 points below that – so at 1.1045 – for confirmation, with a possible move thereafter down to support from the S2 monthly pivot at 1.0941.
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