Recap: the single currency is in a long-term downtrend versus the greenback since July 2008, where the euro hit its all-time high at USD1.6063. In the last months trading became more volatile. We saw a massive slump in the first days of 2015. The downward resistance line (green) steepened again as the single currency continued to decline versus the greenback. The single currency hit a new 11-year low at USD1.1097 and then entered a phase of stabilization. Still the euro registered an eigth consecutive month of losses versus the greenback.
Yesterday we saw a sharp bearish move and the euro broke through the support around USD1.1300 hitting an intraday-low at USD1.1183. Although the euro moderately recovered today, currently trading at USD1.1206, the currency is bound for testing the lows from January 27th at USD1.1097. As long as we do not see the currency pair reversing losses and trade above the established support around USD1.1300 there are no signs for an imminent recovery.
A look at the monthly chart reveals an even more bearish picture. The currency pair's next support would be the support line of the bearish channel with a possible target around USD1.060 or even lower.
Daily chartMonthly chart
© 2000-2020. All rights reserved.
This site is managed by Teletrade D.J. Limited 20599 IBC 2012 (First Floor, First St. Vincent Bank Ltd Building, James Street, Kingstown, St. Vincent and the Grenadines).
The information on this website is for informational purposes only and does not constitute any investment advice.
Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.
Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.
Please contact our PR department if you have any questions or need assistance at email@example.com.