Forex Flash: EUR/USD targets a drop to the upper 1.24 area - TD Securities

FXstreet.com (San Francisco) - The Euro is trading quietly between 1.2700 and 1.2725 against the US Dollar after joining a hard battle for the 1.2740, who take the EUR/USD from 1.2790 in the Friday's Asian session to reach 2-month lows at 1.2690 just at the NY opening bell.

Currently the EUR/USD is trading at 1.2715, 0.23% below opening price action, and printing its third weekly loss in a row. The TD Securities' analysts Greg Moore and Shaun Osborne states that the "EUR/USD's technical profile weakens below 1.28."

Osborne and Moore points that they "cann't argue that the EUR is consolidating the July/September rally any more. In fact, this week’s break through support in the low 1.28 area (200-day MA and the September/October range base) argues more strongly and obviously for lower EUR levels."

"The break out from the sideways range trade (a double top) targets a drop to the upper 1.24 area." TD analysts add. "A second weekly close below the 40-day MA supports the negative outlook now."

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these securities. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Forex involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.

RELATED TOPICS