EUR/USD Technical Analysis: Short and Long-term Outlook Bearish
EUR/USD Technical Highlights:
- EUR/USD ready to break down soon
- Has a lot of room to go before long-term low
Today I looked at the short and long-term charts of the EUR/USD, and in both regards the outlook is bearish. With the longer-term trend the dominating theme the preference is to identify short set-ups within that context.
The recent sideways chop looks like it may end soon with a break below 9899. A break beneath support has the euro set up to keep on heading lower in the near-term. Looking at the longer-term chart the EUR/USD appears to be on course to reach is the 2000 low at 8231 at some point.
Watch the video above for the full set of details.
EUR/USD Daily Chart
EUR/USD Weekly Chart
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---Written by Paul Robinson, Market Analyst
You can follow Paul on Twitter at @PaulRobinsonFX
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.