EURUSD, as expected, rebounded from the lows and reached strong resistance level of 1.2580 in today’s session. This would complete the triangle of flag pattern and suggest that downtrend would be resumed. We expect this market to make another multiyear lows in the coming weeks. In the long run, downside could be limited to 1.20 from where EURUSD should take a turn and print another leg up for the first half of 2015. This super cycle should be completed around 1.37.
For now, we expect more downside.
For now, we expect more downside.