EUR/USD, 6 month fall in a row!
I wrote in my EUR/USD analysis from December 03. that I don’t see any major support before 1.2240/50, and here we are today, 1.2246 low for now. If we take a look at EUR/USD high for 2014. at 1.3993, which was reached in May, the pair is falling 7 months of 8 and 6 months in a row. Today, the pair aproached near Monthly MA200 at 1.2232 and previous support from August 2012. at 1.2242 which supported the pair for a while. Could the pair reach low from July 2012. at 1.2042? Hardly, but as we see technicaly is possible. I don’t like to write what I think, but it looks like that the pair is heavily oversold in this area, but on the way up we have a strong resistance now at 1.2350/60, following 1.2500 and any recovery could be limited. The monthly and weekly charts looks ugly for euro.