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29 Dec 2014
EUR/USD: Downside targets 1.21, 1.2050 near term - 2ndSkies
FXStreet (Bali) - Chris Capre, Founder at 2ndSkies Forex, notes that EURUSD continues to be sold on pullbacks, with downside targets at 1.21 and 1.2050 short term.
Key Quotes
"Maintaining our bearish bias over the last several days, the Euro initially founds support at 1.2215, but then later in the week broke through, treating the level as resistance (or a role reversal level). This intimates bears are happy to sell on pullbacks."
"The current structure suggests lower prices, so if we get any weak pullbacks into resistance, we'll look to be sellers. Downside targets 1.21 and 1.2050 short term. Only a daily close above 1.23 relieves the bearish pressure short term."
Key Quotes
"Maintaining our bearish bias over the last several days, the Euro initially founds support at 1.2215, but then later in the week broke through, treating the level as resistance (or a role reversal level). This intimates bears are happy to sell on pullbacks."
"The current structure suggests lower prices, so if we get any weak pullbacks into resistance, we'll look to be sellers. Downside targets 1.21 and 1.2050 short term. Only a daily close above 1.23 relieves the bearish pressure short term."