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Thursday, 2 July 2015

EUR/USD Downtrend accellerating

The acceleration in the Euro's downtrend against the US Dollar is indicated by Resistance Line R1.

I attempt to project the Moving Average (30 Day) forward (paler green line).

The price will stay below the MA for the present.

Our target is $1.06 by mid August.

Next week's upswing, when it is clear that Greece is remaining in the Euro-zone, may cause a breach of line R1, but the downtrend, fuelled by expectation of American interest rising, will continue.

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