EURUSD - 240 - Could we some continuation to the downside?
EUR/USD has been on a downslope this week, managing only to recover some of its losses on Thursday. Today we are seeing some negative activity in the pair’s price, where it made a significant move down from its yesterday’s highs of around 1.23520.
The Euro is currently trading against the US Dollar below the upwards moving trendline, that started around mid-December last year. Even though yesterday it had a push back slightly above it, still this momentum was short-lived and the pair sold off again. If EUR/USD starts getting below 1.22850 level, then we must carefully monitor the probability for the pair to hit 1.22600. If this area won’t hold, then a push to the 1.22300 or even 1.22 could be next.
If we suddenly get a move back up above the previously mentioned short-term upwards moving trendline, then the next level to watch would be 1.23500. If broken, EUR/USD could make a move to 1.23900 or even to 1.24250.
The Euro is currently trading against the US Dollar below the upwards moving trendline, that started around mid-December last year. Even though yesterday it had a push back slightly above it, still this momentum was short-lived and the pair sold off again. If EUR/USD starts getting below 1.22850 level, then we must carefully monitor the probability for the pair to hit 1.22600. If this area won’t hold, then a push to the 1.22300 or even 1.22 could be next.
If we suddenly get a move back up above the previously mentioned short-term upwards moving trendline, then the next level to watch would be 1.23500. If broken, EUR/USD could make a move to 1.23900 or even to 1.24250.