EUR/USD Technical Analysis: New Cycle Low Anticipated Soon
EUR/USD Technical Highlights:
- EUR/USD poised to make a new cycle low
- Could get a bounce soon after new low
- If no bounce looking for bottom of channel around 95
The EUR/USD is set to make a new cycle low, and on that we could see much lower levels towards the lower parallel around the 95 level. We could, however, first see a bounce if an ‘RST’ pattern comes to fruition and the recent low gets flushed. This is likely to only be temporarily bullish if it plays out, before trend/resistance become a headwind again.
Watch the video above for the full set of details.
EUR/USD Daily 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.