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EUR/USD: Downtrend Continuation to 1.2700

Sameer Kapoor 23 May 2013

The EUR/USD made a three wave rally in this week which was expected in wave 4, but pair is already turning lower again after the completed zig-zag at 1.3000 psychological level. We can see that the price broke through the lower side of a corrective channel, which is a very important evidence for further EUR/USD weakness, this time to 1.2680/1.2730 for wave 5. The critical level now stands at 1.3000; the bearish trend is below.

Forex Analysis by Gregor Horvat at ForexPros. com