USD Trading Outlook (13-06-2014)
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EUR/USD – under pressure |
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The pair has validated a falling wedge pattern and has broken below the 200-day moving average. Moreover, the daily RSI is badly directed and not oversold. Further weakness is therefore expected below 1.3780 with 1.3450 as a first target (previous overlap) and 1.33 in extension (November 2013 low and strong LT support). A third target is set at 1.31 (September 2013 low). Only a break above 1.3780 (horizontal resistance) will turn the outlook to bullish with a first alternative target set at 1.40 (last top) and a second one set at 1.4245 (OCtober 2011 top). |
