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8 Jan 2014
Flash: Important top/reversal in EURUSD - TDS
FXstreet.com (Bali) - From a technical perspective, EUR/USD looks set to fall further, according to Shaun Osborne, Chief FX Strategist at TD Securities.
Key Quotes
"The stars have aligned over the course of the past few weeks to suggest that an important top/reversal in EURUSD formed through December after repeated failures to sustain 1.38+ levels—effectively a rejection of trend line resistance drawn off of the 2008 high.
"Short-term trend channel support at 1.3620 has provided some underpinning for the EUR so far this week but loss of support here in the next few days will prompt a push back towards the
1.33/1.35 area in the next few weeks."
Key Quotes
"The stars have aligned over the course of the past few weeks to suggest that an important top/reversal in EURUSD formed through December after repeated failures to sustain 1.38+ levels—effectively a rejection of trend line resistance drawn off of the 2008 high.
"Short-term trend channel support at 1.3620 has provided some underpinning for the EUR so far this week but loss of support here in the next few days will prompt a push back towards the
1.33/1.35 area in the next few weeks."