Fundamentally & Technically there is likely NO HOPE of saving the EURO!
Fundamentally if you read the news, there is not even a glimmer of hope to save the EURO in the near term against a strong greenback! Here we focus on the technical side of the things. Currently the price is accelerating to the downside towards the support of 0.98000 region. Therefore once this level breaks the next support/ demand zone could be found near 0.86000 region!
Looking at the main chart, there are so many resistances that is capping the gains in the EURO especially the descending multi-month trendline!. Therefore as the price approaches this crucial support of 0.98000, it would be wise to await for this level to break. This would give us much confluence that the price is likely headed lower.
Have a look at the main chart and observe for full understanding. you can also view the weekly EURUSD and notice the descending trend where various resistances are present.
Fundamentally if you read the news, there is not even a glimmer of hope to save the EURO in the near term against a strong greenback! Here we focus on the technical side of the things. Currently the price is accelerating to the downside towards the support of 0.98000 region. Therefore once this level breaks the next support/ demand zone could be found near 0.86000 region!
Looking at the main chart, there are so many resistances that is capping the gains in the EURO especially the descending multi-month trendline!. Therefore as the price approaches this crucial support of 0.98000, it would be wise to await for this level to break. This would give us much confluence that the price is likely headed lower.
Have a look at the main chart and observe for full understanding. you can also view the weekly EURUSD and notice the descending trend where various resistances are present.
