EUR-USD rebounded overnight after registeringfresh 14-month low with a print at 1.28588on Tuesday. Last night, profit-takings took price action to 1.29621 before easing. As noted, recoveries areseen as opportunities to re-position shorts at higher levels. While a move to the supply pocket at 1.31519-1.31593 is a distinct possibility,realisticallythis recovery is likely to be capped near Monday’s high at 1.29879,near where the previous falling channel support line is located or the e8.2% retracement of 1.35193 t 1.28588 at 1.29736. In the medium to long-term,in view of the entrenched downtrend,focus have shifted towards the 61.8% retracement of 1.20414 to 1.39929 at 1.27869-located just above a major demand zone at 1.26602-1.27786(
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EUR-USD Medium to Short-Term Outlook
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11-Sep 2014 Thursday
5:44 PM (3518 days ago)
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