EURUSD Forecast July 23, 2014, Technical Analysis

The EURUSD pair broke down during the session on Tuesday, slicing through the 1.35 handle with ease. euro2That shows real weakness, and as a result we feel that the market should continue to go lower, probably heading to the 1.33 level before it’s all said and done.

Any rally on the short-term charts should be treated with suspicion, and as a result we would be more than willing to sell a resistant candle that appears after a slight bounce.

On the other hand, if we break down below the bottom of the range for the day, we feel that this market can be sold again.

eurusd16july23

 

Editor’s Note: Equity investors/traders can use the Currency Shares Euro Trust (FXE, quote) ETF to take positions in the euro without a FOREX account.  The ETF looks to track the price of the euro (EURUSD), minus ETF fee. The fund seeks to reflect the price of the euro with the shares representing a cost-effective investment relative to investing in the FOREX market.

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