FXStreet (Łódź) - Independent Analyst Vladimir Mihaylov observes that the EUR dropped yesterday following the disappointing ZEW data for Germany and the Eurozone and expects the downside to continue on Wednesday.

Key quotes



"Today I expect the downside to continue with target 1.3490-1.3500 support area. If that is broken too (maybe not today) downside will continue to the major support and reversal area 1.3420-30."



"Closing below that on Weekly will reverse the bullish trend. But I don't think this will happen soon."



"Currently EUR is bearish on all time frames, so more downside to come, do not enter LONG."



"A correction has to appear later today or tomorrow morning, but I don't know where the downside will stop."



You May Also Like

COMPANIES IN THIS ARTICLE
Related Forex Analysis
  1. Forex News

    EUR/USD: recovery attempt lacks follow-through

  2. Forex News

    US Dollar Targets Fresh Highs versus Yen, Euro - Levels to Watch

  3. Forex News

    EUR/USD bounces off lows on Greek deal hopes

  4. Forex News

    EUR/USD keeps falling, 1.08 on sight

  5. Forex News

    EURUSD Support and Resistance Update

Trading Center