FXstreet.com (San Francisco) - The EUR/USD has completed its bearish movement from 1.2310 July 19 low to break 1.2160 support and reach fresh 2-year low at 1.2065 today's in the European session. Currently the pair has set back some loses and it is trading above 1.2100 close to 1.2145, intra-day high.
Despite the fact that the Euro has turn positive today's session after trading at same opening price zone at 1.2120, "still the charts paint a much clearer picture in the EUR than any other of the currency pairs for now," comments William Moore, Technical Strategy for RBS bank. "The Targets remain as they have for a month; 1.1881 in EUR/USD."
"The prevailing pattern from these sell offs has been one of lower highs and lower lows meaning that the bias for this rally is due to break below the 1.1881 level, the ’10 low, but being supported before 1.1644, the 2005 low," continues Moore.
"Medium term shorts to 1.2290 onto 1.1881 which is the 2008 low," concludes Moore, "stop through 1.2350 (above the recent cluster of daily highs).
Despite the fact that the Euro has turn positive today's session after trading at same opening price zone at 1.2120, "still the charts paint a much clearer picture in the EUR than any other of the currency pairs for now," comments William Moore, Technical Strategy for RBS bank. "The Targets remain as they have for a month; 1.1881 in EUR/USD."
"The prevailing pattern from these sell offs has been one of lower highs and lower lows meaning that the bias for this rally is due to break below the 1.1881 level, the ’10 low, but being supported before 1.1644, the 2005 low," continues Moore.
"Medium term shorts to 1.2290 onto 1.1881 which is the 2008 low," concludes Moore, "stop through 1.2350 (above the recent cluster of daily highs).
