Price has stalled shy of the first resistance level (1.4615) and bounced off the median line, continuing corrective sideways price action. The down trend is still firmly in force. The EUR is the weakest of the majors, and the AUD has been quite neutral, so the outlook is bearish. It is quite possible that it's on its way to the level, where the size of the entire move down will be 161.8% of the prior 2013 big correction. However, as price gets closer to the 1.4 handle, the demand should get stronger, so I wouldn't expect to see new lows beneath it. Rather, finding a secure place for a stop beneath the low at 1.4045, I'd expect buyers to get bolder and stall the 2014 decline somewhere between 1.42 and 1.43.
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Disclaimer:
There is a very high degree of risk involved in trading forex. I assume no responsibility or liability for any trading or investment results. My posted statements and charts may unintentionally include inaccuracies. All content posted is for educational purposes only and is not a financial advice. The presented set-ups are not solicitations of any order to buy or sell.
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Disclaimer:
There is a very high degree of risk involved in trading forex. I assume no responsibility or liability for any trading or investment results. My posted statements and charts may unintentionally include inaccuracies. All content posted is for educational purposes only and is not a financial advice. The presented set-ups are not solicitations of any order to buy or sell.
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