Short-term trend turns bearish | 08 November 2013

08 November 2013, EUR/USD

The EUR/USD pair has fallen rapidly, making new lows at 1.3295. The dramatic move down came after the ECB surprised investors by lowering their refinancing rate. The short-term trend has now definitively reversed and is down. The 25-pip chart shows a pole reversal at the highs although the 45° trend-line has not yet been broken, nevertheless the combination of the pattern and the swift move down make it highly likely it will eventually break. The next target down is probably 1.3270 followed by the 1.30s. There are no reliable counts fixed yet but a break below the 1.3300 lows on the 25-pip box chart would activate a count down to the lows at 1.2775, which seems a highly probable long-term objective.
Short-term trend turns bearish
Mark Satcher
Analyst of «FreshForex» company
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