8 Dec 2014
EUR/USD: Look for another leg lower - BBH
FXStreet (Bali) - Look for another leg down in the US Dollar, notes Marc Chandler, Head of FX Strategy at BBH.
Key Quotes
"The MACDs have lower after approaching levels since in October. The RSI is turning down from 50. The next target is near $1.2150-$1.2200, but the $1.20 level, approached in 2012, and $1.1880, the low from 2010 are more significant objectives."
"Counter-trend bounces are likely to run out of steam now in the $1.2350-$1.2400 area. The only note of caution is that the euro is trading below its lower Bollinger Band (~$1.2315), and while new lows were made in the second half of last week, the newest downticks were hard to sustain."
Key Quotes
"The MACDs have lower after approaching levels since in October. The RSI is turning down from 50. The next target is near $1.2150-$1.2200, but the $1.20 level, approached in 2012, and $1.1880, the low from 2010 are more significant objectives."
"Counter-trend bounces are likely to run out of steam now in the $1.2350-$1.2400 area. The only note of caution is that the euro is trading below its lower Bollinger Band (~$1.2315), and while new lows were made in the second half of last week, the newest downticks were hard to sustain."