EUR/USD: Mini-Downtrend Now Below 1.1000, Next Stop 50-Day?
Forex4you | May 25, 2015 05:20AM ET
EUR/USD has resumed its down-trend and fallen below the 1.1000 psychologically significant level.
The mini-down-trend is expected to extent lower, although there are significant support levels on the way down which could slow progress.
The first such level is at 1.0935, and is comprised of the 50-day moving average. At the very least this would be expected to lead to a pause in the down-trend, if not a more substantial consolidation.
From a technical POV, therefore, I should want to see a clear break below the 50-day – which would mean a penetration of 20-points below – so below 1.0915 - before expecting more downside, with a target after that, at a round-number of 1.0800.
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