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EUR/USD: Likely next leg down - 2ndSkies

FXStreet (Bali) - According to Chris Capre, Founder at 2ndSkies, the next leg in EUR/USD is likely to continue being to the downside.

Key Quotes

"Over the last few days, the Euro has been trying to rally, but ultimately been confined to a range between 1.2880 and 1.2960. You'll notice on the daily chart below the coiling inside bars, which usually leads to a strong breakout."

"Considering the trend has been quite bearish, we favor a downside move in the near term. This is supported by the pairs inability to rally and close the opening gap for the week."

"Aggressive traders can look to sell towards the consolidation highs around 1.2950/60. More conservative traders can sell on rallies towards 1.3100/25 as most institutional players are holding shorts vs. the Euro right now, with their likely stops placed above 1.3125."

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