Forex Marketz Daily Forex News – Fully Markets Update
EUR/USD (1.2548)
- Resistance Levels: 1.2570, 1.2690, 1.2750
- Support Levels: 1.25, 1.2380, 1.2280
The EUR/USD continues to sink. Like a stone in water, we are falling through support levels and are currently at a two year low now testing the key psychological level at 1.25. That is short term support. A break lower with daily close opens the door challenge 1.2380.
Should the Euro lose downward momentum for some consolidations, at first, then reverse its trajectory, then we need to move back above 1.2570 to challenge the technical congestion area at 1.2690 to 1.27. Any close above 1.27 indicates a short term bottom in place and sustained trading above this level will shift our models. Till that happens, we remain decidedly bearish.
