EUR/USD today 21/11/2014 EUR/USD plunged lower on Friday as ECB President Draghi expressed a dovish tone at a banking conference sending the pair lower to 1.2449 as stops were triggered below 1.2500 (“EURUSD is currently testing 1.25 support, at the time of writing the currency pair is trading 1.2510 but has already seen lows of 1.2503. RSI is aiming south but still off oversold territory, that leaves place for further downside, next key level to the downside is the pivot point at 1.2480. Our favored scenario is for a bounce off this level to retest 1.2580 area. In support of this view we note that the buying pressure remains in the lead on the DMI studies and ADX trend remains elevated. Moving up, follow the key breaks at 1.2520/1.2540 for further confirmation. If the expected bounce at 1.2480 fails to materialize next intraday support at 1.2427”). The pair now seems to be back into its bearish stride especially as its rebound higher failed repeatedly to climb above 1.2570. Ahead of the recent multi-year low by 1.2358, 1.2405/15 may stall the decline but we favor another test of the low in the near to medium-term. A break below 1.2358 would give scope for a downward acceleration to 1.2250.
Posted on: Fri, 21 Nov 2014 10:10:17 +0000
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