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EUR/USD: Technical Analysis

The eurodollar pair has corrected 61.8% of the previous down move in early April and it could be about to resume its major down-trend. It is falling, but whether this is a short term correction or part of a bigger sell-off is too early to say. It will probably continue lower until it gets to 1.3208 at the lower channel line, where there is also support from the 50-day moving average. From there it may either recover to the top of the channel at 1.3285 or it will break out down to 1.3150.

Analysis by: Joaquin Monfort

Forex4you analyst

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