miércoles, 28 de enero de 2015
Euro’s bearish movement goes on
The strong bearish move in the euro initiated in mid-2014 has placed the currency back to the 61.8% Fibonacci move that began in 2000 and the lows of $1.10 are considered an important short- and medium-term support.
As long as the actual lows of 1.10 are not broken, we can still speculate on a short-term recovery back to $1.17, which can be found around $1.21-1.22 key short-term resistance. This is where the downtrend should will be resumed toward lower levels.
In the event that the increases continue above $1.22, that will mean that the actual recovery would be part of a more bullish scenario and we will be able to speculate on a further recovery back to $1.27-1.28.
Only with direct fall below the lows of $1.10 will the market break that 61.8% level and will enabled a bearish continuation toward lower levels pointing back to $1.08-1.07 or even $1.05, and even a medium-term objective for EUR/USD of the actual correction that began at $1.40.