EUR/USD’s latest bearish reversal is extending lower into psychological support
at 1.3000.
The move is being weighed by a recent DeMark™ exhaustion signal and
is likely to lead to a major increase of volatility over the next few weeks.
A decisive close below 1.3000 is required to unlock the important multimonth
reversal pattern into 1.2626 (16 Jan swing low).
Meanwhile, only a sustained daily close back above 1.3284 (01st May high),
puts this scenario on hold for a potential recovery into our upside target
zone at 1.3459/60 (200-day average).
Inversely, the USD Index is recovering back above its multi-week triangle
consolidation pattern. Support remains at 78.66 and 78.09.
Expect these levels to act as one of the last points of defence for a relaunch
of the greenback’s recovery which is still part of the bullish cycle into
80.73 (15th March high) and 81.78 (13th Jan swing/12 month high).
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