Downside Target at 1.3000 on EUR/USD HIT

The pair had a drastic sell off Tuesday, along with equity markets taking a tumble.  The decline ultimately took the Euro below 1.3000, currently trading at 1.2964.  This move took out multiple short and longer term downtrend targets.

With the steady decline resistance is really all the way up to the more crucial 1.3150 level.  The 50% retracement level for Tuesday’s leg of the decline comes in right around 1.3100 which could provide some resistance.

All time frames are in a downtrend, and will remain so unless the pair can move above 1.3150.  Such a move which move certain time frames to neatral.  This is unlikely today. Current bias is down.

At the time of this writing, the pair is at its low for the day.  Further downside targets include 1.2870 and 1.2800-1.2790.

Cory Mitchell, CMT
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