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Forex pairs in this Article » EUR/USD (Barcelona) - According to Shaun Osborne, Chief FX Strategist at TD Securities, EUR/USD short-term view is bearish, with a potential target of 1.3174 achievable.

Key Quotes

"EURUSD has made a little more progress to the downside this week, having slipped decisively below the 100-day MA, just above 1.36 (marginal infractions since September have tended to reverse quickly) and below short-term trend support at 1.3547."

"Short-term trend momentum studies (1-, 6-hour, daily) are picking up bearishly so the likelihood of more weakness early next week at least is high. Short-term trend channel base support stands at 1.3469 currently and the 200-day MA resides at 1.3377. "

"Key support on the daily chart is 1.3303—the early November low and the neckline trigger for a triple top interpretation of the EUR’s series of peaks above 1.38. Look for resistance around 1.3600/10 now (100-day MA retest) and for losses to pick up below 1.3430/40. We remain bearish. "

"A break of 1.3453 retracement support (converges with daily trend channel support noted above) opens up the downside for a push to 1.3174 and would help boost bear conviction."
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