Possible break lower evolving | 19 December 2013
19 December 2013, EUR/USD
Yesterday the pair broke down after the FOMC meeting. It moved out of its sideways consolidation and reached lows of 1.3650. Although it is now recovering a bit it looks poised to break lower. More downside is favoured by short-term cyclical factors. The long column down from yesterday's (18th) highs has established a down-target at 1.3420. A re-break below the 1.3650 lows could signal a continuation down to that target – or more conservatively the discretionary trend-line situated at 1.3600.
The author's opinion reflects their personal view and is not an investment recommendation. The company is not responsible for any trading results based on the provided analytical data.
