Fed Comment Is Not Important For Euro Anymore

Euro-vs-DollarNo change in EUR/USD’s outlook. While the rebound from 1.0461 was strong, it’s is held below 1.1096 resistance. Price action from 1.0461 is viewed as consolidations and might extend. But that should be followed by downside breakout sooner or later. Below 1.0461 will extend recent down trend to next fibonacci level at 1.0283. Nonetheless, decisive break of 1.1096 will indicate near term reversal and bring stronger rebound.

In the bigger picture, overall price actions from 1.6039 long term top is viewed as a corrective pattern. Fall from 1.3993 is the third leg of such pattern and should target 100% projection of 1.6039 to 1.2329 from 1.3993 at 1.0283 next. On the upside, break of 1.2042 support turned resistance is needed to indicate medium term reversal. Otherwise, outlook will stay bearish.

This Article Wrote For www.TopForexBrokers.com By Fxstay

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