Michael_Macdonald-XATSUK

Short-term corrective EUR/USD developing

FX_IDC:EURUSD   Euro / U.S. Dollar
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The anticipated break lower has been seen, with EUR/USD extending the November bear trend to reach 1.0400.

Support is appearing at 1.0350, just above the 1.0330 year low of January 2003, as oversold momentum studies unwind, with a corrective bounce now highlighted as short-covering develops.

Congestion around 1.0600 is expected to attract, with a break opening up the 1.0650/55~, 23.6% retracement of the May-December fall and high of 30 December. Still higher is the 1.0715~ break level from January and 38.2% retracement of the November-December fall, where bearish background studies could promote consolidation.

Following corrective gains, fresh losses are looked for, with a close below 1.0330/50 opening up parity, as the dominant bear trend gathers fresh momentum.
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