EUR/USD forecast-Bounce back is over? Remain sell

Euro dollar daily chart analysis

Euro dollar daily chart analysis

Eur usd pair is trading at 1.0743 with loss for the day. We saw strong rally from lows of 1.05 to high of 1.08. On upside 1.08 is strong month pivot resistance for euro and below it, its trend and momentum both are bearish. Euro is trading below it with red candle which signals technical bounce back is over and euro is resuming its primary trend. For month of December, below 1.0810 my eur/usd pair target is at 1.03 and below.   For day traders, today high of 1.0770 is stop loss level and expect downside up to 1.0720 to 1.07 in intraday.   Eur usd weekly chart is also showing strong gain in this week on sharp short covering in euro. But outlook and trend on weekly chart is still down and expect record low level for euro in longer terms. My medium-long term target for euro is at 1.0.

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Pramod Baviskar

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