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EUR/USD could reach 1.2210 in October and to start a recovery from there

FXStreet (Łódź) - Independent Analyst Vladimir Mihaylov observes that the EUR has been dropping steadily for nearly 10 weeks now and expects it to reach the 1.2210 target in October and to start a recovery from there.

Key quotes

"This price is the monthly SMA200 line and it is a good target."

"This monthly SMA has already capped two downside attempts one in June 2010 and another in July 2012."

"We can notice that this happens every two years since the global economic crisis has started in 2008."

"So it is quite possible in October to reach our final target 1.2210 and to start a recovery from there."

"But for now EUR is extremely bearish on all time frames and I expect more slide for today."
"For this another worse CPI data from Germany today will help."

"On Tuesday and Wednesday I expect some recovery after the huge drop last week."

"On Thursday we have the ECB meeting, and I don't think the bank will implement any new measures, I am almost sure they will confirm their current policy which may extend further the EUR losses."

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