That sounds about right.
Good analysis.
EURUSD could not hold above the 1.25 level and fell during the yesterday session. The fall was quite substantial and the pair is ready to test the low of the year at 1.2246. In the short-term rallies will continue to offer selling opportunities.
EUR/USD fell and it appears it will likely try to test the support around 1.2250. Now the question is whether it will be able to break below that support or will range continue.
Victoria.
At the moment - intraday trend down (i.e. C wave down starting from 1,2337) is âprotectedâ by MF pivot = 1.2288 (you can see how precisely price obeys that price level bouncing of it each time on m1 and m5 
).
âprotectedâ means: as long as this MF pivot is not broken - intraday trend down will proceed. As soon as IT WILL be broken - intraday trend will stop most probably for today.
All these words I putted on to the graph here: 301 Moved Permanently
Good Luck
The EUR / USD sank yesterday after the comments to the Wall Street Journal from the member of the Executive Council of the ECB, Benoit Coeuré where suggested that the ECB was prepared to embark on large-scale purchases of assets centered in government bonds.
R3 - 1.26596
R2 - 1.25874
R1 - 1.24639
Daily Std. Pivot - 1.23917
S1 - 1.22682
S2 - 1.21960
S3 - 1.20725
the only support level left to break is the yearâs low letâs see if the price will fall to 1.2200 before the end of the year
I will keep an eye on the pair, thank you.
Thatâs right, this year low is acting now as the immediate support level. If break below, we can probably see eur/usd selloff towards the 1.2150 price zone and maybe even further down.
I agree, but profit taking day, Iâm not sure it will happen today.
With inflation data coming in lower than expected and the USD as strong as it has been in years it is no wonder that the Fed feels no immediate pressure to begin raising rates.
Technically all of this folds in nicely with the long-term downtrend we have been watching, brought about by the bullish USD forecast and the dovish EUR forecasts.
Yesterdayâs massive drop below 1.24 brought above 1.23, as expected, and then some as price is currently sitting at 1.2280.
If some of the regional economic issues play out the way it appears they might, the Euro isnât just going to be âdownâ but completely obliterated. I am glad I do not live in a country back by the Euro. There are countries asking for their Gold deposits back that they gave when joining the Eurozone, none of this is a good thing⊠Of course all we can do is speculate since none of us has a Crystal ball⊠But Iâd be surprised to see the EUR rally (like a REAL rally) for 12 months or more
Despite all my doubts the EUR/USD pair broke below the support level at 1.2250 before the holidays and is now headed for target 1.2200. Time will tell whether the next target is 1.2000.
Euro today continued downward for the second day against the Dollar, hitting this year new low of 1.2227, I guess we are now getting really serious heading to 1.2200.
Although there have been few news or events during the day, the foreign exchange market noted some relevant movements however the EURUSD was stable.
The German PPI for November fell though at a slower pace than in the previous month.
However, the risk of deflation in the largest economy in the euro zone still exists.
R3 - 1.24227
R2 - 1.23874
R1 - 1.23360
Daily Std. Pivot - 1.23007
S1 - 1.22493
S2 - 1.22140
S3 - 1.21626
I agree with your analysis 100% , thank you.
Price broke under the yearâs low most probably the market will continue falling by the start of the next week but I am not willing to bet. so I am closing my open positions on a small profit.
It broke below the support line, I guess one more push we can see 1.20 gate open.
i am totally agree with that, thank you.
People must have started celebrating the winter holidays already because the market is asleep.