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EUR/USD: Powerfully Bearish – TD Securities

FXStreet (Barcelona) - The FX Research team at TD Securities sees the underlying trend as powerfully bearish for the EUR/USD pair, and mentions it is heading towards 1.20 level in the longer run.

Key Quotes

"EURUSD’s bigger technical picture tells a similar story to the weekly chart. The underlying trend still looks quite powerfully bearish and there is a broad band of congestion between the low 1.26s and upper 1.27s which should serve to reinforce the short-term resistance point noted above.”

“Weekly price action hints at a possible base (weekly doji-like candle last week) but the market will really have to pick up soon (this week) if the EUR is to stage any sort of even short-term bounce.”

“More broadly, there is little in the way of a drop to 1.20 and bearishly-aligned, longer-term trend studies suggest that is where we are heading sooner or later.”

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