Forex Flash: EUR/USD heading lower by year-end – RBS

FXstreet.com (Barcelona) - “The previous EUR/USD high and 38.2% retracement from the July – September rally is proving to be supportive. However for how long is another question entirely given the transpirations around Europe.” According to William Moore, a Technical Markets Strategist at RBS.

“Our bias is still that this market heads lower into year-end and I till like selling any meaningful rallies, the levels highlighted yesterday at 1.2787, 1.2824 and more specifically 1.2884 are the stand out. We would look to add to positions once the 1.2740 level is broken – note that yesterday's price action was an aggressive bearish engulfing candle.” Moore adds.

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