EUR/USD: Technical Analysis
EUR/USD is still falling and whilst there is some convergence with momentum at the lows, it is a little too early to say a substantial correction is on the horizon. If a correction does rise up from here, then an initial target would be the old trend-line and support and resistance level in the vicinity of 1.2950, or if higher then near the 200 Day MA at 1.3050. There will probably still be a fall afterwards, however, given the move down from the 4th appears incomplete. The 61.8% Fibonacci line from the rally in June and the monthly pivot at 1.2780 and 1.2750 respectively are two downside targets for any further selloffs.
Analysis by: Forex4you.com written by Forex4you analyst
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