Can we expect a further drop in the euro?

09.05.2017 / 15:16

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Will there be any follow through after EUR/USD posted a bearish outside reversal day on Monday? The last time a euro rally ended with a similar pattern was in December and it led to a slide below the 1.04 line. If there is a repeat in magnitude this time, EUR/USD will drop below 1.07 and hit the uptrend line from early January.
A bearish chart formation is no guarantee of a continuation, but if the pair closes below 1.09 on Tuesday it may bring in more momentum players looking for the downside.

Source: Bloomberg

Trader I. Ivanov

Varchev Traders

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Can we expect a further drop in the euro?

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