EUR-USD Biased to the Downside
The following commentary comes from an independent investor or market observer as part of TheStreet's guest contributor program, which is separate from the company's news coverage.
NEW YORK ( fxtechstrategy.com) -- Our outlook on EUR-USD remains lower for a likely return to the 1.3003-to-1.2975 levels. This view remains valid as long as the pair continues to hold and trade below the 1.3387 level and its long-term falling trendline.
This suggests a decisive break and hold below the mentioned support could see the pair weakening further toward the 1.2879 level, its Jan. 23 low.On the other hand, to annul its downside pressure, the pair will have to break and hold above the 1.3387 level. This will leave it targeting the 1.3484 level with a cut through there pushing the pair further higher toward the Dec. 2 high at 1.3547.
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