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Down-trend in play

Down-trend in play | 31 October 2013

31 October 2013, EUR/USD

EUR/USD fell after the FOMC, reaching 1.3700. The short-term trend has probably reversed now and is bearish. It will probably continue unfolding lower, and a break below 1.3650 would give even stronger confirmation the trend had changed and was going lower. The downside target from the count at the highs is 1.3680 and has very nearly been met; the R1 monthly pivot is at 1.3688 and could very well delay downside, or result in a bounce. If support in the 1.3680s were breached, then the pair would be expected to fall to the down-target generated by the column of O's from the pole pattern, at 1.3585.
Down-trend in play
Mark Satcher
Analyst of «FreshForex» company
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