July 5, 2012

Broken Trend lines of EURUSD

  • Broken monthly trend lines of EURUSD and the Fibonacci levels are hinting more lows for this pair. If  1.22 levels does not hold which means price breaking below the 50% Fibonacci level, pair will fall towards 1.18 levels which is a crucial low in monthly chart. Below 1.18 we have the Golden ratio which is near 1.14 levels.
  • Above bearish view can be negated if the falling wedge drawn in weekly chart plays out.

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