There are many fundamental and political cross current at play and could complicate any attempt to analyse this pair along with most USD Pairs. However, From perspective we appear to have completed or are close to completing the 5 wave move from last high in May 2014.
If this is correct then we could expect a reversal or at least the retracement of the decline by 38.2% (a common fib ratio) could be the minimum expectation.
Technicals to note are:
1. Overwhelming sentiments for EURUSD and report suggesting an increasing short interest.
2. At a Nov 2005 low that could act as potential support.
3. At a potential support line of which also coincide with Stretched as it did with Nov 2008 low, June 2010 low, Aug 2012 low.
4. trend suggest potential low in Late Jan - Feb time frame. Potential time symmetry (See chart below) suggesting mid to late Jan for potential low to form.
Therefore a retracement is what could be expected and move to the downside now would be limited and get very risky trade.
Future longer term prospect for EURUSD and other USD Pairs depends on if the 5 wave decline since May 2014 high become a larger wave 1 of a much longer cycle or completes the cycle. There are no way of knowing that right now.
Therefore once the low is formed the nature of bounce would give further clues for longer term prospects. Will be observing that with keen interest.
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