EUR/USD: Potential Sell-Off Possible
Forex4you | Jun 30, 2015 05:32AM ET
The EUR/USD pair has finally rolled over, and has started moving lower after poor data released this morning.
Despite yesterday's strong recovery, peak-and-trough progression remains bearish and is expected to continue lower.
A break below the 1.1129 lows could provide an opportunity for quick short down to the monthly pivot at 1.1087.
After that, yesterday's recommendation still stands: a clear break below support and resistance at 1.1047 - including a 20 point margin – so below 1.1027 would give confirmation of a continuation down to a target at the 1.0954 lows.
A further move below 1.0944 would probably reach down to 1.0850, the potential zone where next month's S1 pivot will probably be situated.
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