Currently trading at $1.0692, the Euro remains capped by a declining trend line in place since Nov. 15 and stands below the declining 50-period moving average at $1.0700. Moreover, the intraday RSI stands within its selling area between 50 and 30 and confirms the bearish bias. A first target to the downside is therefore set at yesterday's bottom at $1.0665. A break below this threshold would open the way to further weakness towards targets given by a Fibonacci projection at $1.0615 and at $1.0560 in extension. Only a rebound above the horizontal resistance at $1.0755 would turn the intraday outlook to bullish with a first alternative target set at the horizontal resistance and overlap at $1.0820 and a second one set at the strong horizontal resistance and overlap at $1.0865.
This piece contains the opinions of Trading Central and does not constitute personalized investment advice or form part of any invitation or inducement to buy or sell any security. The author has been prohibited by Trading Central from purchasing or otherwise directly or indirectly acquiring any direct or indirect beneficial ownership of any instruments or markets for which Trading Central or its affiliates issues recommendations. To read more, visit bit.ly/1MehCU9. (analysts-europe@tradingcentral.com)
