3 Nov 2015

MIND THE GAP - EUR/USD DOWNTREND RESUMES

EUR/USD DAILY

The rate has broken a major rising trendline support and now tested ir twice. Although the rising gap on Monday's open left me cautious, the rate now seems to be clearing the  major psychological support at 1.1000 created by this gap.

My immediate attention is now lower and I am targeting the last week's low at 1.0900, the July's low at 1.0800 and the yearly lows at 1.0500.

My longer term target still stands at 0.8000.

A break above 1.1100 would invalidate my immediate bearish bias, however, only a daily close above 1.1500 would turn me bullish on the pair.


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