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EUR/USD: rangebound; supported by trend-line

ByForex4you
Published 03/27/2014, 06:59 AM
Updated 07/07/2019, 08:10 AM

The EUR/USD pair remains range-bound. It has fallen to the lows of the range in the 1.3740s, finding support there from a major trend-line drawn from the July 2012 lows. The support appears to be holding currently and there is a possibility of a bounce. The primary short-term down-trend remains intact and likely to extend. A decisive break below the 1.3747 lows would probably confirm a continuation to the next target at the 50-day MA and the monthly pivot situated at 1.3710 and 1.3700 respectively. A move back up within the range would probably reach 1.3820 initially, where it would encounter resistance from the underside of the major trend-line drawn from the 2008 highs. EURUSD27

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