EUR/USD: Mini Downtrend Stalling
Forex4you | May 27, 2015 05:51AM ET
The EUR/USD pair has stalled in its mini downtrend, and is pulling-back from new monthly lows established at 1.0862, which is the level of the 61.8% Fibonacci line of the previous rally.
The very short-term downtrend from the May 15 highs is still in play, and although now looking overstretched and possibly complete, strong evidence of a bullish resumption, including candlestick reversal patterns, is still lacking.
For there to be a break below the 1.0862 lows, more bearish information needs to come to light, perhaps relating to the pace of QE or Greece, or strong U.S data, but such a move would be a strong sign of further down-side with a target at 1.0800.
Get The News You Want
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.