17 Mar 2015
EUR/USD: further downside to 1.0245 onto 0.9860 – RBS
FXStreet (Barcelona) - Dmytro Bondar, Technical Analyst at RBS, views that EUR/USD downtrend remains in place, and the next bear target for the pair being 1.0245 and below it 0.9860.
Key Quotes
“The pair reached my key target of 1.063 (being the 138.6% projection from the 2009-2010 impulse wave), which was confidently broken, implying further downside after a minor bullish correction.”
“The trend remains in place and, of note, most of the long-term oscillators stay bearish (such as the weekly MACD), as a bear triangle breakout indicated the pair may go below the parity.”
“Fibonacci analysis indicates the next downswings to target 1.0245 and 0.9860. The latter is a major support level, which may ultimately see a base.”
Key Quotes
“The pair reached my key target of 1.063 (being the 138.6% projection from the 2009-2010 impulse wave), which was confidently broken, implying further downside after a minor bullish correction.”
“The trend remains in place and, of note, most of the long-term oscillators stay bearish (such as the weekly MACD), as a bear triangle breakout indicated the pair may go below the parity.”
“Fibonacci analysis indicates the next downswings to target 1.0245 and 0.9860. The latter is a major support level, which may ultimately see a base.”