EUR with almost no chances of recovery to the upside

By FXstreet.com | July 08, 2014 AAA

FXStreet (Łódź) - Independent Analyst Vladimir Mihaylov observes that the EUR has stopped declining, but suggests that there is almost no possibility of it bouncing back, due to the strong resistance area built by several resistance lines.



Key quotes



"This resistance area is between 1.3630 and 1.3660."



"If we have any recovery into this area please keep in mind that the new downside wave may start at any moment."



"Upside reversal may happen only on a Daily close above 1.3680."



"If so, then the negative Daily Ichimoku will be inder attack and the target price will be 1.3750."



comments powered by Disqus
Related Forex Analysis
  1. Markets Brace for More Volatility on ECB TLTRO, Scotland Referendum
    Forex News

    Markets Brace for More Volatility on ECB TLTRO, Scotland Referendum

  2. USD/JPY unstoppable; 109.00 within reach
    Forex News

    USD/JPY unstoppable; 109.00 within reach

  3. British Pound: Scottish Vote is Close and FX Traders are Nervous
    Forex News

    British Pound: Scottish Vote is Close and FX Traders are Nervous

  4. EUR/USD on mend, but sky is still clouded
    Forex News

    EUR/USD on mend, but sky is still clouded

  5. Asia Recap: Focus shifted to Scottish vote
    Forex News

    Asia Recap: Focus shifted to Scottish vote

Trading Center