Nov 3, 2014
EUR/USD accelerates losses after 1.25 breakout
FXStreet (Bali) - EUR/USD has broken to the downside through 1.25, snowballing stops loss orders to cause a sharp slide towards 1.2440 before a bounce seeking liquidity, currently at 1.2460. Jim Langlands, Founder at FXCharts, notes: "A decent amount of data and event risk lies ahead this week, with the highlights being the ECB on Thursday, at which no change is expected, although there is some speculation a surprise move by Draghi may be due, and then on Friday we get the US Unemployment/NFP (exp 5.9%, +235K)." Technically, after the breach lower, Jim observes: "Technically below 1.2500 and 1.2485, there really is not an awful lot to stop the Euro from heading towards long term rising trend support at 1.2220. Before then there are minor supports at 1.2465, 1.2400 and 1.2385, all being previous minor lows, but I suspect that we are in for a ratchet move towards them, possibly accelerating if Draghi does spring a surprise."