|Chart Formation||N/A||N/A||N/A||Falling Wedges|
|Market Comments||Short Term = Upside Correction / Retracement |
Intermediate = Sideways direction
Long-Term = Down
Technically on the monthly time frame perspective - there is an obvious indication that the market direction is still in the bearish favors as both MACD and Stochastic synced downwards. There is still plenty of room to fall although there could be brief slow down at the current position 1.08226 for small correction at the minor support level. The downtrend has long been predicted in the previous post of this blog last December 2014 as below
EUR-USD Technical Analysis - December 2014
EUR-USD Technical Analysis - October 2014
The long-term direction still strongly bearish, and it could be heading towards previous year 2001 ground level at 0.9000. It may few months for this to happen.
On the fundamental perspective last week the overall Euro Zone economic data doing not so bad and that probably caused the minor correction at the current level. This week forecast could be the same and keep the fluctuation within the current minor support resistance.