The pair during last week went to a high of 1.3486, the highest level since Dec-2011 and failing to go higher, closed the week at 1.3200.
Long term targets are 1.4200 so the upside and 1.26 for the down side.
Looking at Fibonacci we can say that the pair after breaking out the 38.2% of 1.42-1.26 move went to 50% retracement and failing to break out went back to 38.2%; if short term outlook remain bearish 1.2970 (1.300 area) will be the target.
On the daily chart the RSI shows that the bearish movement trough 1.3000 is still possible;
The MA analysis shows also good chance to go trough 1.3000;
On Monday it seems like the only data that can change the Eur Usd trend should be the ISM Non-Manufacturing index, it is expected to be worst than last time, and a worst than expected number should suggest an increase of the short positions; a better number should not require trim for short positions.
Long term targets are 1.4200 so the upside and 1.26 for the down side.
Looking at Fibonacci we can say that the pair after breaking out the 38.2% of 1.42-1.26 move went to 50% retracement and failing to break out went back to 38.2%; if short term outlook remain bearish 1.2970 (1.300 area) will be the target.
On the daily chart the RSI shows that the bearish movement trough 1.3000 is still possible;
The MA analysis shows also good chance to go trough 1.3000;
On Monday it seems like the only data that can change the Eur Usd trend should be the ISM Non-Manufacturing index, it is expected to be worst than last time, and a worst than expected number should suggest an increase of the short positions; a better number should not require trim for short positions.
