EUR downside to continue

By FXstreet.com | Updated July 30, 2014 AAA

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

    Stocks retreat for fourth day; moving towards consolidation

  2. Forex News

    What's next? 200 pips swings in $EURUSD are the new normal; Watch out US GDP

  3. Forex News

    EUR/USD made fresh highs but, short lived - FXStreet

  4. Forex News

    EUR/USD finds some rest at 1.0855; more bearishness on the panorama

  5. Forex News

    German economic outlook is bullish - ING

Trading Center