Declining below 1.1000.
• EUR/USD has broken hourly support at 1.1070
(04/02/2016 low) and is now holding below it. The
short-term technical structure still suggests a
further bearish move. Hourly resistance lies at
1.1139 (19/02/2016 high). Expected to decline.
• In the longer term, the technical structure
favors a bearish bias as long as resistance
holds. Key...
We have 2 scenarios to join this pair.
Scenario 1 - go with the break of the trend line
Target 1: 0.7180
Target 2: 0.7230
Stop Loss: Exit if price closes below 0.7100
Scenario 2 - after the double wave duplication
completes look to buy from the 0.7080-70 zone
Target 1: 0.7140
Target 2: 0.7180
Stop Loss: Close below 0.7070
